PA broke the TL (first black line) of wave c of C It has now been tested as a support and holded the price. The is an other support below, which is located near fib 0.236 of this move up.
My first target is located arround 9300, it's near the second black TL of the decline from wave b + the previous support now turned resistance from the bottom of wave a and last it's also near fir 0.764 of the entire decline.
Nevertheless, before a significant retracement, i'm expecting price to meet TP2, RSI and Macd on H4 and D1, have now turned bullish. To be noted, it also happens to be at the same level as the top of wave b, which would be likely target if this move up wasn't an impulse/advance.
Above there is the first massive resistance, it's the crossover of the top black TL and a level that was met several time as both support and resistance. i'm expecting the momentum to fall short of it. It's also fib 0.5 of the decline.
Lastly the plain red line, from the top of B, near fib 0.236, it's not a target to me at this point, but if/when this level is reach a bull market would be confirmed.
To be cautious in the case that a bottom isn't in, waiting for a break above and/or a restest of either a red resistance line or a black TL would be the safest entry/re entry.
Quick uptade, the second target is still in play, and a break of the downtrend channel seems inevitable.
Wave iv has formed a double bottom and has just retested the previous resistance as support, there was a decreasing volume on the second low and an accelerated ascent and volume on the breakout.
Target for the pattern is in green.
Wave iv has formed a double bottom and has just retested the previous resistance as support, there was a decreasing volume on the second low and an accelerated ascent and volume on the breakout.
Target for the pattern is in green.