As expected, we had a breakdown from the early January highs and went back to test support at 157.
This support was very solid, and bulls quickly came back. The question now is: is this part of a larger correction or are we in a new impulsive wave for new highs?
Both scenarios are in the chart, and we need further price action to have a clearer view.
In the short term, it must be noted that we had a bearish engulfing candle yesterday, so I expect 167-168 support to be tested.
Below 164 is a trigger for the bearish count, which could take down to the 140s.
This support was very solid, and bulls quickly came back. The question now is: is this part of a larger correction or are we in a new impulsive wave for new highs?
Both scenarios are in the chart, and we need further price action to have a clearer view.
In the short term, it must be noted that we had a bearish engulfing candle yesterday, so I expect 167-168 support to be tested.
Below 164 is a trigger for the bearish count, which could take down to the 140s.
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