A weekly close below the 1880 level last week meant the bearish sentiment has continued.
There is a possibility that we see a bullish move up towards that level today before market close. However, I think that will be less likely if price moves down lower and manages to break the 1820 price level first. This level if/when broken will likely flip support into resistance and provide the platform for a sustained move downwards with price going onto test the 1765 swing low.
On a slightly longer term, a lower low within the 1670-1720 zone is still a level to be aware of. This is also where I think we could see the Wave 4 correction completing.
Who's Elliot? The primary wave count is still the same, no changes on that front. Please see the linked ideas below for the wave count.
Once again, staying aware of some of the possibilities. Let’s see how it plays out today and into the forthcoming week.
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Thank you for taking the time. Trade Safe!
Beyond Edge
Disclaimer
This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
You should do your own research and analysis before making any investment decisions. Do not trade or speculate based on the information provided in this idea.