VIEW RETAINED: PRICE ACTION TO TARGET THE 4.65% AREA.
The expected upward break out of the PQ continuation pattern has activated the illustrated view of a bear phase to the T1 area.
The preferred view remains for a gradual upside towards T1 as the market dissolves remaining bearish momentum.
The illustrated outcome is retained as a relevant portrayal of the medium-term view.
The current upside should find meaningful resistance around RA1. This, coupled with increasing overbought conditions, (RSI highlighted) should result in phase 4 downside toward S0*.
Final gains to T1 should complete the bear trend, followed by a meaningful downside to S2 and S3.
Conviction: Medium to high.
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