CURRENTLY, THE PRICE ACTION APPEARS TO BE MAINTAINING A NEUTRAL STANCE.
The PM flag continuation pattern should eventually result in a bull trend to T2. Current mid-range consolidation points to neutral market conditions.
Preferred Interim is for a potential medium-term defined triangle pattern that could be developing.
Further sideways KM price action should then be followed by a Y bear phase to S2 and Q, to complete the larger W,X,Y correction.
R1* and S1* are the current important levels.
Many feasible alternatives make the illustrated outcome of medium to low conviction.
Target and Re-assessment levels:
Important Levels: R1* and S1*
Primary Trend: Downside to S2, followed by a bull trend to T1
Prevailing Trend: KM ranging
Monthly Range: R1*/S1*
Technical Rating: Medium to low
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