INTERCONTINENTAL HOTELS GROUP ORD GBP0.208521303LSE
Description
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A typical 1, 2 and 3 wave pattern is busy unfolding. It appears that the price action is busy with wave 4, which is a corrective wave. The net movement of corrective waves is against the trend at one larger degree. Corrective waves typically consist of three sub-waves. The target is set at 4650, which is just below its 200-week simple moving average. Crossing above 4840 will negate the corrective wave.