Current price action is unfolding in a 5-wave bearish structure wave (1) of ((3)) with wave ((V)) of 3 in progress.
A corrective ABC structure completed near the CISD zone.
Wave 3 extends to the 3.618 Fibonacci projection (~3,148), with wave 5 targeting a support block near 3,120–3,130.
Anticipated short-term retracement for wave 4, followed by one more impulsive drop into demand.
Indicators:
RSI shows consistent bearish momentum with room for divergence.
A corrective ABC structure completed near the CISD zone.
Wave 3 extends to the 3.618 Fibonacci projection (~3,148), with wave 5 targeting a support block near 3,120–3,130.
Anticipated short-term retracement for wave 4, followed by one more impulsive drop into demand.
Indicators:
RSI shows consistent bearish momentum with room for divergence.
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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.