VIEW RETAINED FOR A WXY BULL PHASE PRICE ACTION.
The long-held view of an impulsive 1,2,3,4,5 bear to T1/T2, followed by a meaningful downside to S2, remains valid.
Phase W of the W,X,Y correction has been completed at S1.
A R0*/S1 consolidation is forming phase X . The recent reversal off R0* has further confirmed this outlook. The final downside to S2* should complete the bull trend.
S2* is likely to become a support for base building between R0* and S2*.
The cyclical bear trend to new highs will only re–emerge on completion of the highlighted base building.
Conviction is medium to high.
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