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.
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.
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Errata: 4th line, {W}-{X}-{Z} ---> {W}-{X}-{Y}
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