ANTICIPATING A BULLISH PHASE THAT HAS NOW CONCLUDED.
The long-held view of a W,X,Y upside to T1 and T2 was completed around T1. The retained detailed illustration is self-explanatory.
The expected sharp reversal suggests further ABC-type downside to S1 and S2*, where a medium-term bottom can occur.
The longer-term outlook favours A R1*/S2 consolidation that should contain market action, as highlighted.
The current bear phase is still in an early stage of development and thus of medium to low conviction. New price action will clarify probable outcomes.
Target and re-assessment levels
View negated: R1*/S2*
Primary trend: R1*/S2* consolidation
Prevailing trend: Downside to S1 and S2*
Technical rating: Medium to low
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