
The daily chart below show us, that the rally from 64.24 to 82.97 took 52 days the following correction corrected just above 61.8% of the rally. The next rally from 70.76 to 88.63 took 54 days and came close to the 50% retracement of the major decline from 147.27 to 32.40 (89.93).
The correction from 88.63 corrected 50% of the rally from 70.76 to 88.63 and we are looking at the third rally from 80.06, which has now reached the mid-point time wise as it has taken 27 days.
Could the rally be over? Yes it's a possibility, but it would at least take a decline beneath 86.83 to imply that. It's more likely we will see a continuation higher towards the 96.60 - 97.00 area over the next 26-27 days before ending the entire rally from 64.24. But stay alert if 86.83 gives away.

No comments:
Post a Comment