I would like to think that the strong bearish trend since Jun. 2015 high is coming to an end. Analysis and Reason: 1) The price action since Jun. 2015 high is forming a flat (a)-(b)-(c) correction that is (zigzag)-(combination)-(impulse). 2) Ongoing primary wave since Jun. 2015 high might be {W}-{X}-{Z} combination that is {flat}-{???}-{???}. 3) The price reached 1.618 Fib extension level as (c)=1.618(a). 4) RSI shows oversold.
Long term target: 0.382-0.618 Fib retracement level of preceding corrective wave {W} as shown in the chart.
I would like to wait for more clear signal of the trend reversal before entry. Thank you for reading my analysis. Good weekend.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.