CONSOLIDATION WITHIN THE BULL TREND
Medium-term: The illustrated view of a major bull trend to T1 and T2 after the break above P/S2, remains valid.
The expected correction off R1* is materialising, potentially as phase 4 of the 1,2,3,4,5-bull trend.
Overbought conditions are being addressed with the current correction. Further R1*/S1* ranging is, however likely before a return to the larger bull trend.
The pivot level for the bullish outlook is at S1*. A break of R1* will activate the upside potential.
Target and Re-assessment levels:
Important Level/s: R1* and S1*
Primary Trend: Bull trend to T1 and T2 over time.
Prevailing Trend: R1*/S1* consolidation.
Monthly Range: R1*/S0
Technical Rating: Medium
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