Price has been trading between the two channels.
Currently, price has touched the upper band of the ascending channel at 1533 which also coincides with a major resistance zone.
Given that time axis is also in the range of 0.886 ratio of the overall time for the primary bear market range, we except a reversal
to occur in the near term.
In the event that the prevailing wave structure is invalidated then price can reach the 2nd resistance zone.
Also since major resistance zones are not likely to break through on first touch, we would expect price to decline before any major advance
towards the 2nd resistance zone.
From now we expect a double top at 1533 before the decline or a lift to the 1566 - 1582 zone to complete 1.272 advance of the second
price squaring from 1160
Price ranges to watch from now : 1533 ( double top )
1545
1566 / 1582
Currently, price has touched the upper band of the ascending channel at 1533 which also coincides with a major resistance zone.
Given that time axis is also in the range of 0.886 ratio of the overall time for the primary bear market range, we except a reversal
to occur in the near term.
In the event that the prevailing wave structure is invalidated then price can reach the 2nd resistance zone.
Also since major resistance zones are not likely to break through on first touch, we would expect price to decline before any major advance
towards the 2nd resistance zone.
From now we expect a double top at 1533 before the decline or a lift to the 1566 - 1582 zone to complete 1.272 advance of the second
price squaring from 1160
Price ranges to watch from now : 1533 ( double top )
1545
1566 / 1582