Weekly charts are forming a Triangle that should end in August 2019. Each date and level is marked with a blue line on the chart. After completing the Triangle, a rally to 308.31 should occur by April 2020 to complete a fifth wave.
The reversal this week creates the potential to form a very strong A-B-C pattern because of the proportions that are developing. The next target is wave =B= at 246.64. A bounce there would point to the wave =C= target at 279.67.
Weekly technical indicators also indicate a lack of direction: RSI is stalling near neutral values, ADX is trendless, and Stochastics is bullish after completing the drop from September to December.
The reversal this week creates the potential to form a very strong A-B-C pattern because of the proportions that are developing. The next target is wave =B= at 246.64. A bounce there would point to the wave =C= target at 279.67.
Weekly technical indicators also indicate a lack of direction: RSI is stalling near neutral values, ADX is trendless, and Stochastics is bullish after completing the drop from September to December.