MATURING PK SYMMETRICAL TRIANGLE PATTERN
Summary: The PK symmetrical triangle pattern is maturing and possibly in the final stages of development. • Further W,X,Y-type downside to cluster support around L, K and S2 is expected to hold.
Impulsive gains off the bearish bottoming area should target T1 and T2 over time.
Short term: Further downside potential to L and K.
Important levels: S2* is the negation level for the view and R1 the activation level.
Alternative: The PK symmetrical triangle pattern is preferred, but a number of complex consolidations can develop.
Target and re-assessment levels:
Important levels: R1* and S2*
Primary trend: PK consolidation, followed by a bull trend to T1/T2
Current trend: Downside to L and K
Monthly Range: R0/K
Technical rating: Medium
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