The anticipated wave c purple to the downside has hit the level of 23.6%Fibo and even slipped a little bit lower before nice bounce.
Currently, the situation is not clear enough to confirm the wave (ii) green is done and wave (iii) green is in progress BUT the bounce looks quite impulsive on lower time frames so far. Nevertheless, it can only a wave A green of a more complex corrective wave.
Any price below 5748 points will invalidate the immediate bullish wave count.
Support/Resistance:
6367 - Swing High
6315 - WR2
6266 - WR1
6134 - Weekly Pivot
6068 - WS1
6003 - Technical Support
5957 - WS2
5909 - WS3
Trading Recommendations:
Price is in the middle of the range now and it would be wise to wait and see what market will do @ 6266 level:
- If it is broken, then a possible test of a last swiong high is in view.
- If it is not broken, then the whole upside wave might be wave B green and more downside wave development might happen
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