THE EXTENDED BULLISH TREND SEEMS TO HAVE REACHED A TEMPORARY MATURATION.
General view: Our long-term bullish stance out of the KL wedge pattern is materialising as an extended bull trend.
The price action is most likely in a third-wave bull trend with phases 4 and 5 to develop still before the trend is complete.
The T1 to T3 area highlights possible Fibonacci extension levels.
The initial target of S0* was exceeded. This level is now the pivot for the immediate bullish outlook.
The preferred outcome is illustrated: Current gains could target cluster resistance at P/T1, followed by a meaningful correction to S1.
The final upside to T1/T2 should complete the bull trend and be followed by an A,B,C correction towards S2.
Note: The overbought RSI, coupled with the blow-off phase 3 of the bull market should lead to increasingly medium-term volatile moves. This would be similar to the previous comparable period (encircled RSI and after a strong bull trend to P.)
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