VIEW RETAINED FOR THE PRICE ACTION TO TEST THE MEDIUM-TERM BEARISH TARGET LEVELS
The general view of a W bear phase within the PQ consolidation has materialised.
The expected downside to Q/S1 cluster support could have completed W. There is an increased chance of a medium-term bottom forming with an upside to R1 and R2.
Further XY phases would eventually result in a re–emergence of the bull trend to T1 and T2.
The pivotal level for the illustrated bullish bias remains at Q/S1* cluster support. A breach of this level will activate the downside to S2.
R0 is the activation level for the X upside.
Target and Re-assessment Levels:
Important Levels: R0*/S1*
Primary Trend and Target Levels: Gains to P, as part of PQ ranging
Monthly Range: R1*/S1*
Prevailing Trend and Target Levels: Gains off S1* to R1 and R2
Technical Rating: Medium