Almost a year ago (see the link), I made a post saying that a long termtop was in place and a decline cutting prices in half should be expected. This decline is now well underway. From an Elliott Wave
perspective we are in red wave iii
of wave iii
lower. Red wave iii
has hit support at 177.40 where it will be 200% the length of red wave i. I would not be surprised to see a correction towards 184.65 soon. Once this minor correction is over more downside towards 165.73 is expected as the bottom of wave iii
When prices moves below 170.85, a break below the original pitchfork
support-line will be seen, but as I did towards the upside, I just clone the original pitchfork
and aligne it below the original pitchfork
to provid me with the next supports.
One final message, there isn't yet any divergences to be seen on the RSI
, so all we should expect is only corrections in a downtrend.