THE TRIANGLE PATTERN SEEMS TO BE CONTINUING
Summary: The earlier proposed scenario of further consolidation in the symmetrical triangle pattern, followed by a significant bullish trend towards Targets T1 and T2, remains valid.
A breakthrough at Resistance R1 and the test of the upper range of the triangle pattern were necessary to confirm the bullish trend. However, the reversal from these levels suggests that the triangle pattern has not yet been completed.
Additional declines in the XYZ pattern to the lower range of the triangle pattern are anticipated, which should eventually lead to a bullish sequence labelled 1,2,3,4,5 targeting T1 and T2.
Short Term: Expect a temporary decline to Support S2 and Midpoint M*, which are projected to provide strong support.
Important Levels: Key levels to watch are Resistance R1* and Midpoint M*.
Target and re-assessment levels:
Important levels: R1* and S*
Primary trend: RS consolidation, followed by a bull trend to 19.37
Current trend: Downside to 18.40 and 18.29
Monthly Range: R1*/SA1*
Technical rating: Medium