▶️ The downtrend is currently held by green support just above 24.00, but there are no signs that the decline is over.
▶️ The move from blue resistance to green support showed strong momentum, suggesting it may be blue wave A of a downside ABC pattern.
▶️ This structure implies that a corrective blue wave B may follow, eventually leading to a blue wave C to the downside.
▶️ The yellow ascending trendline, originating at the April low, is being monitored as a potential target for blue wave C.
▶️ However, it’s too early to confirm this path... further price action is needed to validate the ABC scenario.
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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.