The resistance from the TL of wave c of C (lowest black line) has been broken.
After a slight pullback PA has now retested it and so far found it acted as support.
If S1 fails, my second support/entry point is S2 which is situated at fib 0.236 of this move up.
The first profit is at 9300, there is a strong resistance at that level, formed by the TL of wave B (second black line) + the previous bottom support of wave a -now turned resistance and fib 0.764 of the entire decline.
But in my opinion, PA will likely reach my TP2 before a significant retracement. RSI and macd have been turning bullish enough on H4 and D1.
This target also is coincidental with the end of wave b.
And when unsure whether the bottom of a correction is in or not (at time of entering position) or in case this new move up isn't an impulse wave/advance, previous wave b is often a valid target.
Then there is two more resistance ahead, one is located at fib 0.5 of the decline, it has been tested as both support and resistance several time, i'm expecting the momentum to exhaust before reaching it. It's also where the last TL of the decline (in black) is situated.
Last resistance is the top of wave B, near fib 0.236 of the decline, reaching it seems impossible to me short term, and would mark the return to a bull market.
A cautious approach to entry/ re entry, would be to wait for the black line and/or red dotted line to be broken and/or retested as support.
After a slight pullback PA has now retested it and so far found it acted as support.
If S1 fails, my second support/entry point is S2 which is situated at fib 0.236 of this move up.
The first profit is at 9300, there is a strong resistance at that level, formed by the TL of wave B (second black line) + the previous bottom support of wave a -now turned resistance and fib 0.764 of the entire decline.
But in my opinion, PA will likely reach my TP2 before a significant retracement. RSI and macd have been turning bullish enough on H4 and D1.
This target also is coincidental with the end of wave b.
And when unsure whether the bottom of a correction is in or not (at time of entering position) or in case this new move up isn't an impulse wave/advance, previous wave b is often a valid target.
Then there is two more resistance ahead, one is located at fib 0.5 of the decline, it has been tested as both support and resistance several time, i'm expecting the momentum to exhaust before reaching it. It's also where the last TL of the decline (in black) is situated.
Last resistance is the top of wave B, near fib 0.236 of the decline, reaching it seems impossible to me short term, and would mark the return to a bull market.
A cautious approach to entry/ re entry, would be to wait for the black line and/or red dotted line to be broken and/or retested as support.