It looks like the corrective intermediate wave is going to end soon. The recent attempt to push prices higher is most likely going to end with a minor C or Minor Y.
-Minor C:
a) The correction takes an A,B,C formation. That would see wave A undone as minute wave 5 is not yet completed and could take C anywhere between 75 and 78.45
b) The correction takes an A,B,C formation. That would see wave A ended at 71.80 and C at 74.50 high. This would allow the current upside wave to be a corrective one too!
-Minor Y:
a) The correction takes a W,X,Y formation. That would see wave W ended at 74.50 high and wave Y to complete anywhere between 74.88 and 78.45
b) The correction takes a W,X,Y formation. That would see Wave Wended at 74.50 high and Wave Y to form a more complex pattern (likey a flat) but still trade within the limits of a)
The current upside is part of the bearish intermediate wave, which could have prices sliding down to 61 long-term, 70 in the medium-term.
This opportunity would be invalidated above 78.50
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice
