THE VIEW IS RETAINED FOR REALISED GAINS TO 69 200. WHAT CAN WE EXPECT NEXT?
Completion of both the expected LM wedge pattern and W,X,Y bullish correction results in an interim neutral outlook with two medium-term alternatives:
1. The preferred view (red illustration) is for a medium-term R0/S1 consolidation with an eventual break out of the PQ correction and upside to T1
2. LM could have been a trend-ending wedge with more immediate bullish potential on a correction to S0* (black illustration). W,X,Y would then be the beginning of an impulsive trend (1,2,3,4,5).
Where to now?
S0* is pivotal. Holding above this level over time will favour Alternative 2, while a breach will activate Alternative 1.
A breach of R2* will extend upside to P. A break of S2* will negate the illustrated view.
Target and Re-assessment Levels:
Important Levels: S0*
Primary Trend: R0/S1 consolidation, followed by eventual gains to T1.
Monthly Range: R0/S0*
Current Trend and Target Levels: R0/S0* ranging
Technical Rating: Medium
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