THE PRICE ACTION SEEMS TO BE AT THE START OF WAVE 1
Summary: Expected upside off S2/L to P remains in line with the preferred view of impulsive upside to T1 and T2 over time.
The recent definitive upside off L and through SA1* confirms the illustrated bullish outlook.
The P*L symmetrical triangle pattern seems mature. A break of P* will activate the extended upside.
A break below SA1* will neutralise the immediate upside potential and point to further medium-term range trading between P* and L.
Important levels: P* and SA1*.
Target and re-assessment levels:
Important levels: SA1* and P*
Primary trend: P*/SA1* consolidation, followed by a bull trend to T1/T2
Current trend: Gains towards P*
Monthly Range: P*/SA1*
Technical rating: Medium
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