Consolidation continues, be watching


The pop on last Thursday morning interrupted the uptrend channel that had been built for days. A resistant structure was expected, the rejection happened earlier today lead to the third wave of this correction. After inspecting the sub-waves, I believe the correction is likely to be a flat correction instead of an up-trending triangle. Also, since flat correction usually appear in a 3-3-5 form, we might to see longer wave C. The end sits in channel 1280-1310, which is also volume support as well.

If you are a swing trader, consider picking up some bottomed Altas at each downtrend correction. Top 5 should NOT be affected too much.

Comment: bottom sits around 12900 - 13150


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