THE TRIANGLE PATTERN APPEARS TO BE APPROACHING COMPLETION.
The RS formation is nearing maturity and appears to be entering its final decline, designated as phase (E).
It is anticipated that the completion of this triangular pattern will trigger a strong bullish trend, propelling the pair towards target T1 and possibly further.
Currently, the pair is undergoing a correction phase, characterised by overlapping movements. This is part of the broader downward trajectory, specifically referred to as part y of the x,y,z decline and is unfolding as expected.
Should the pair break below point N or 18.78, it would signal the initiation of the final leg of the decline, targeting the support zone located between S and S2*. This event is expected to mark the completion of the RS triangular pattern.
Alternatively, if the pair falls beneath the critical S2* level, this will invalidate the triangular pattern, leading to a shift towards a more horizontal correction phase between R3 and S3.
Target and Reassessment Levels:
Important Levels: S2* - 18.12
Primary Trend: RS Triangle pattern consolidation, followed by a bull trend to 20.90 and beyond.
Current Trend: Downside to 18.32
Monthly Range: 18.12 to 19.32
Technical Rating: Medium
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