On Thursday I posted that price was within the T1 zone = 2950-2975 and caution was required as there were 5 wave which had completed from 2724 and once price breached below 2940-2920 then expected support zone= 2830-2800, prices are here now this price zone is right in the middle of the 62% retrace of 2972-2724, could price fall further or consolidate both scenarios are probable. Consolidation are never simple and at the moment it is only the 1st phase.
Depending on where this 1st phase completes S=2830-2800 or S=2775-2740 maybe even 2685-2670-2645 then the next Phase can be projected and traded.
IF PRICES CONSOLIDATE FROM 2820 then upside resistance R= 2880-2860 OR R=2900-2920.
IF PRICES CONTINUE LOWER EXPECT SUPPORT S= 2775-2740, Should price hold support S=2775-2740 then upside R= 2820-2840 OR R=2880-2860, R=2920-2900.
Should prices CLOSE below S=2775-2740 and 2724 then expect S=2685-2670-2645, there is strong Support between these levels.
2670= 38% of 2180-2972, price extension 2724-2972= 2692-2656(113%-127%).
Below 2670= 2575 50% of 2180-2972.
Depending on where this 1st phase completes S=2830-2800 or S=2775-2740 maybe even 2685-2670-2645 then the next Phase can be projected and traded.
IF PRICES CONSOLIDATE FROM 2820 then upside resistance R= 2880-2860 OR R=2900-2920.
IF PRICES CONTINUE LOWER EXPECT SUPPORT S= 2775-2740, Should price hold support S=2775-2740 then upside R= 2820-2840 OR R=2880-2860, R=2920-2900.
Should prices CLOSE below S=2775-2740 and 2724 then expect S=2685-2670-2645, there is strong Support between these levels.
2670= 38% of 2180-2972, price extension 2724-2972= 2692-2656(113%-127%).
Below 2670= 2575 50% of 2180-2972.
