A bounce is imminent

Seems that the decline from 1380.39 to 1329.24 is a 5-waves pattern. If it's correct and be named wave i, it's time to expect a bounce to make wave ii.
I see a new price channel (yellow) that formed by connecting 1374.81 with 1380.39 and 1325.41 with 1329.24. The channel also favors a bounce.
A bounce to make wave ii could be short-lived and target somewhere between 1350.12-1363.00.
If the market decides to make a triple zigzag (another ABC after 1329.24), the target of the bounce could be higher at about 1385.00.

1 comment:

GreedyKojiro said...

1363 here we go!