A relentless rise only interrupted by small correction has been the name of the game since November last year. I think we have seen the peak of wave 3/ at 22,419.52 and a more substantial correction is about to unfold in wave 4/.
I'm looking for a correction into the price range of wave iv of one lessor degree between 20,371 - 21,153. This should set the stage for the final rally higher in wave 5/ to complete the long-term rally from March 2009. As we enter the final rally, caution is advised.
As wave 2/ a double combination, I will be looking for a triangle consolidation in wave 4. This will mean the low of wave 4/ should be seen early in the correction.
I'm looking for a correction into the price range of wave iv of one lessor degree between 20,371 - 21,153. This should set the stage for the final rally higher in wave 5/ to complete the long-term rally from March 2009. As we enter the final rally, caution is advised.
As wave 2/ a double combination, I will be looking for a triangle consolidation in wave 4. This will mean the low of wave 4/ should be seen early in the correction.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.