THE VIEW IS RETAINED FOR A CORRECTIVE PRICE ACTION.
The overall stance of further P*Q* consolidation price action, followed by gains to T1, is retained as the preferred stance.
Current outlook is for the P*Q* which is an overlapping continuation pattern, that seems to be incomplete.
Further overlapping downside is indicated as an ABC correction with ongoing bearish potential Q.
An eventual bottom around S2/Q should initiate a bull trend to R2 and T1.
Important levels:
A break of Q* will activate extended downside to S2 shelve support.
Above P* will activate the larger bull trend to T1 and beyond.
Conviction: Medium to high
Comments