Next down move may start soon
The rise from 88 have been all corrective and can be marked an X wave.
Currently price is taking resistance at 20 Weekly SMA and upper end of the downward sloping channel.
One more up leg is not ruled out which may break the channel line temporarily.
We expect the next leg down to below levels may start post completion of the upmove
- 77 - 38.20% retracement of whole rise from 2020 lows
- 66 - 50% retracement levels.
Lets see how this develops.
Currently price is taking resistance at 20 Weekly SMA and upper end of the downward sloping channel.
One more up leg is not ruled out which may break the channel line temporarily.
We expect the next leg down to below levels may start post completion of the upmove
- 77 - 38.20% retracement of whole rise from 2020 lows
- 66 - 50% retracement levels.
Lets see how this develops.
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