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Analyst Thoughts: Top 40 - The Bigger Picture

  • Writer: Peet Serfontein
    Peet Serfontein
  • Mar 5, 2024
  • 1 min read

THE VIEW IS RETAINED FOR A CORRECTIVE PRICE ACTION.


  • The overall stance of further P*Q* consolidation price action, followed by gains to T1, is retained as the preferred stance.

  • Current outlook is for the P*Q* which is an overlapping continuation pattern, that seems to be incomplete.

  • Further overlapping downside is indicated as an ABC correction with ongoing bearish potential Q.

  • An eventual bottom around S2/Q should initiate a bull trend to R2 and T1.

  • Important levels:

  • A break of Q* will activate extended downside to S2 shelve support.

  • Above P* will activate the larger bull trend to T1 and beyond.

  • Conviction: Medium to high

 




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