On daily with 200 SMA
lost, major technical damage to the support was taken out. But long term, as long as we have not lost the previous low support of 45.38, likely side ways AB=CD
, correction after 5-Wave
move. This appears more likely to be Super cycle Wave-I followed by Wave-II correction. A bounce here is Wave-III will give upside targets of 80+.
Correction of the AB-CD
can extend all the way to 1.618 i.e around 42. So far on daily we already had a double correction. and another correction(Worst case) can only go to a minimum of 42.