Very strong push to send us all the way back to long-term trendline (solid purple).
Although we may not re-align the preferred bottom pattern {2/23} I'm much more comfortable about our placement within the XABCD as it gives us room for further correction. In this scenario, I would expect critical support around lower trendline (solid red) with the eventually breakdown to 2300 range.
Another viable option is an inverse head-and-shoulders that fluctuates between the trendlines mentioned above. This would deter from the original predictions but seems more appropriate based on recent price action.
Although we may not re-align the preferred bottom pattern {2/23} I'm much more comfortable about our placement within the XABCD as it gives us room for further correction. In this scenario, I would expect critical support around lower trendline (solid red) with the eventually breakdown to 2300 range.
Another viable option is an inverse head-and-shoulders that fluctuates between the trendlines mentioned above. This would deter from the original predictions but seems more appropriate based on recent price action.
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Related publications
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.