PRICE ACTION IS AT A KEY JUNCTURE
Summary: Expected upside off S1*/K to RA1 remains in line with the preferred view of impulsive upside to T1 and T2 over time.
The recent definitive upside off S1*/K confirms the illustrated bullish outlook and could have completed the PK triangle pattern.
A sustained break of RA1* is, however, required to activate these gains.
Alternative: Failure to break RA1* over the next trading period will suggest a deeper P/L correction to L/S2 (perforated arrow).
Important levels: S1* and RA1*.
Target and re-assessment levels:
Important levels: RA1* and S1*
Primary trend: RA1*/S1* consolidation, followed by a bull trend to T1/T2
Current trend: Gains off S1* to RA1*
Monthly Range: RA1*/S1*
Technical rating: Medium
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