THE BULL TREND IS UNWINDING, WHICH IS CAUSING VOLATILE GAINS
The prevailing bullish sentiment remains intact. The momentum-driven upward trend initiated at point 1 is anticipated to continue, as depicted. However, expect future gains to be accompanied by volatility and periodic adjustments as the trend begins to unfold.
The anticipated decline from Resistance 1 (R1 - 74 000) to Support 1 (S1** - 59 800) has been realised.
Following this, price movements between R1 - 74 000 and S1** - 59 800 are expected to lead to a resurgence, targeting T1 - 81 200.
The correction phase, identified as an X,Y,Z pattern, moving from T1 - 81 200 back to S1** - 59 800, will still fall within the overarching bullish trend, which is forecasted to culminate around T2 - 98 000.
Subsequently, a significant pullback to Support 2 (S2* - 98 000) is probable.
Support 1 (S1** - 59 800) plays a crucial role in maintaining the overall bullish outlook.
Target and Re-assessment Levels:
Pivotal Levels: 59 800
Primary Trend: Gains to 81 200, and eventually to 98 000
Prevailing Trend: A consolidation between 59 800 and 74 000
Technical Rating: Medium
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