Movement 12345 occurred to the top, now ABC correction is likely. Trend changes direction as the price has risen so high. Therefore, the correction will be expected to a limited depth of up to 7000 area.
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if there is a correction, the movement will continue to go up.
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Price may drop to 8500 support area.
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Targeting to 8400. I'm afraid a next target (after some bounce) can be 7500.
@xerxes300, Thank you. This time the wave counting isn't clear, so I did not show them. Possible ABC scenario (bullish behaviour):
xerxes300
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@Like2Move, it broke the 9K resistance line just now. Do you think it will yo down anyway?
JayVirtualWorld
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I think in 7750 zone
JayVirtualWorld
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@Zigh72, sorry, 8450 zone
Like2Move
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@Zigh72, if 8100 don't hold, I expect retrace to the 7500...7000 area (BC).
nakov
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@Like2Move, do you really expect such a deep correction to 8100 (to this April's bull standards)? Do you think it will find power to pierce thru the 9000-8800 very strong support?