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5 Week's Top
From the second December week until the end of the first January week we saw a top building.
This had been followed by a downward correction completed by Fibonacci rules.
This resulted in an attempt to reach to top again which seems to have failed now.
The rise is a completed Fibonacci retracement again. That's why it is more likely that it will stop at this level.
The long way up is uncorrected yet. This doesn't mean however that we will see a steep downward correction immediately now as the market still is impressed by the uninterrupted rise for more than 1 1/2 year.
I rather expect a certain corrective downward move followd by a longer sideward trading.
This had been followed by a downward correction completed by Fibonacci rules.
This resulted in an attempt to reach to top again which seems to have failed now.
The rise is a completed Fibonacci retracement again. That's why it is more likely that it will stop at this level.
The long way up is uncorrected yet. This doesn't mean however that we will see a steep downward correction immediately now as the market still is impressed by the uninterrupted rise for more than 1 1/2 year.
I rather expect a certain corrective downward move followd by a longer sideward trading.
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