Today's movement looks like it is part of a correction. So far no critical support is broken, thus it is a possibility that the index will make a triangle pattern or an even more complex flat. In case of a triangle the price action will be bouncing in a sideway channel, but if a complex flat will occur then the price action will be testing the Friday's high.
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| 1 hour chart |
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| 15 minutes chart |
I will be looking for a wave (c) of [y] of 4, but this wave (c) more likely will be slower and more fragmented the wave (a) of [y] was.
So far there is no sign of continuation of the downtrend and I am waiting for sign of reversal on the 1-5 minutes charts.
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