VIEW RETAINED FOR A BROADENING PRICE ACTION.
Long-term view: The illustrated W,X,Y bull phase is potentially a correction that should be completed around R3. The cyclical bear trend is bound to re-emerge off R3 to S3 and new lows, as illustrated.
Medium-term:
The current A,B,C bullish correction could be forming phase C final upside to RA2*. Holding above S0 will confirm this outcome.
The illustrated A,B,C and larger W,X,Y phases point to a general sideways outcome over the next few months between R3 and S2*.
Overlapping volatile moves over this period will further corroborate the eventual downside potential to new lows.
Important levels: RA2* is important for the immediate view of limited gains. An interim break of S2* will immediately activate the large bear trend.
Conviction levels:
Medium to high and general outlook.
Speculative on interim detail.
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