MAINTAINING THE PERSPECTIVE THAT THE PRICE ACTION WILL TEST THE LONG-TERM TARGET LEVELS.
The long-held view of an impulsive 1,2,3,4,5 bear trend to T1*/T2, followed by a medium-term reversal, is transpiring. The illustrated view is retained.
The current A,B,C-type downside should now target S3* over time.
The initial leg (A) of the bull phase was potentially completed at S1 , followed by an R0/S1 consolidation phase (B).
The final downside to S3 should complete the bull phase.
The longer-term outlook is for a T1*/S3 consolidation. This could be a base for eventual further upside to new highs.
T1* and S3 are pivotal for the overall consolidation stance.
The long-term bear trend remains valid.
Conviction: Medium to high
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