The daily and weekly chart reveals an impulsive 5 waves movement, started in May 2022 and concluded exactly a year later, again in May. This annual cycle shows the first wave of a higher degree.
The ongoing corrective movement in 3 waves (zig-zag ABC) might find its conclusion in the 0.61/0.78 Fibonacci area. This would mark the end of the second wave within our major cycle, paving the way for a new bullish rally with the onset of the third wave.
The ongoing corrective movement in 3 waves (zig-zag ABC) might find its conclusion in the 0.61/0.78 Fibonacci area. This would mark the end of the second wave within our major cycle, paving the way for a new bullish rally with the onset of the third wave.