VIEW RETAINED FOR A MEDIUM CONSOLIDATION BIAS
Long-Term Outlook:
The depicted bullish phase of XYZ, labelled as a correction, is anticipated to culminate around R3. Following this, a cyclical bear trend is expected to resurface, moving from R3 towards S4, potentially reaching new lows as depicted in the analysis.
Medium-Term Perspective:
The ongoing A,B,C bullish correction appears to be entering its final stage, phase C, with a potential peak at RA2*. A sustained position above the S1 level would serve as confirmation of this projection.
The analysis of both the A,B,C correction and the broader W,X,Y phases suggests a predominately sideways market movement between RA2* and S3* throughout much of 2024.
The absence of significant interim trends further supports this sideways market outlook.
Key Levels to Watch:
RA2* stands as a critical threshold for forecasting immediate market gains. Conversely, a break below S3* would signal the onset of a significant bearish trend.
Conviction Levels:
The general market outlook is held with medium to high confidence.
The predictions regarding short-term market movements are considered speculative.
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