Monthly Chart:
The rule of fractalization will become helpfull here if one consider that wave ABC is Expanded Flat wave A and now price is making ZigZag wave B and then another wave C to the downside is expected to complete bigger fractal ABC in wave 4. Capito?
Weekly Chart:
Price is moving in blue channel.
Wave W and X of ZigZag area done, and now final stages of wave Y are in progress: last wave 5 to the upside before cycle is completed. Targets on chart, but W=Y target is on 1692 points.
Daily chart:
Orange rectangle is the first possible target for the whole cycle.
H4 Chart:
Wave 1 and 2 are done and now price is in the final stages of wave 3. Then corrective pullback is expected in wave 4.
Support/Resistance:
1708 - WR2
1694 - WR1
1686 - Wave 3 Top
1660 - Weekly Pivot
1655 - Wave X top | Intraday Support
1646 - WS1
1612 - WS2
1598 - WS3
Trading Recommendation:
Buy Weekly Pivot OR 1655 Intraday Support level in anticipation of impulsive wave 5 to the upside breaking fresh, new ground. Targets above.
Seb
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