Price has been expanding in a downward fashion inside a large descending channel
Based on Elliot wave Rules the structure of this movement can be interpreted as a complex correction (WXY)
Short term it would be ideal to retest 7800-8200 to form the (b) wave of (y) after which i am inclined for the correction to continue
Invalidation of this count would be a break of the descending channel (8600)
Price targets for the (Y) wave is at 5500 by 2020
Based on Elliot wave Rules the structure of this movement can be interpreted as a complex correction (WXY)
Short term it would be ideal to retest 7800-8200 to form the (b) wave of (y) after which i am inclined for the correction to continue
Invalidation of this count would be a break of the descending channel (8600)
Price targets for the (Y) wave is at 5500 by 2020
Comment:
Minimum targets for wave (v) of (iii) of (c) has been met
Bounce can occur at anytime now
Minimum targets for wave (v) of (iii) of (c) has been met
Bounce can occur at anytime now
Zoomed in
Bounce is nearing