Current View:
Structurally, we are still in a minor downtrend. So, if the market fails to sustain the neutral start, we can expect a minor correction in the initial stage.
if the correction comes with a solid structure or the price consolidates around the immediate support, then the correction is likely to continue.
On the other hand, if the correction reaches the support with gradual moves, then the support may hold, and we can expect a minor pullback with a bearish bias.
Alternate View:
If the market takes a pullback, we can expect a maximum of 38% to 50% retracement on the upside. However, since we are still in a downtrend, once the pullback starts correcting again, we may expect a range-bound market or further correction, similar to what we saw in the last session.
Structurally, we are still in a minor downtrend. So, if the market fails to sustain the neutral start, we can expect a minor correction in the initial stage.
if the correction comes with a solid structure or the price consolidates around the immediate support, then the correction is likely to continue.
On the other hand, if the correction reaches the support with gradual moves, then the support may hold, and we can expect a minor pullback with a bearish bias.
Alternate View:
If the market takes a pullback, we can expect a maximum of 38% to 50% retracement on the upside. However, since we are still in a downtrend, once the pullback starts correcting again, we may expect a range-bound market or further correction, similar to what we saw in the last session.
Disclaimer
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.
Disclaimer
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.