When the expanded triangle top broke on May 28 we knew that a important top was in place and that a strong downside pressure should be seen.
I have added the important 2x1 Gann line from the top as this should continue to act a strong resistance (I don't expected it to be tested any time soon thus) and I have added the 1x1 line from the intermediate bottom at 0.8623 as this should act as support. I do expect this line to be broken slightly by red wave iii and by red wave v before a larger correction is seen in wave iv.
Short term I expect resistance at 0.8440 will protect the upside for an acceleration lower towards 0.8239 as the next major support. That said only a break above 0.8477 will delay the downside pressure, but this outcome is by no means the preferred outcome.
If you like this post you should consider joning the Elliott Wave Surfer Service by clicking the link and see what I have to offer.
No comments:
Post a Comment