Current View
The current view suggests that if the market sustains the gap-down and breaks immediate support levels, we can anticipate further continuation of the correction, possibly with some consolidation.
Alternate View
The alternate view suggests that if the gap-down does not sustain and the market experiences a solid pullback, it may re-enter a range-bound scenario. This means that until it breaks the 23% Fibonacci level, the market is likely to maintain its bearish sentiment. However, if it breaks above the 23% level, we could expect a bounce back towards the 38% to 50% levels in the current swing."
The current view suggests that if the market sustains the gap-down and breaks immediate support levels, we can anticipate further continuation of the correction, possibly with some consolidation.
Alternate View
The alternate view suggests that if the gap-down does not sustain and the market experiences a solid pullback, it may re-enter a range-bound scenario. This means that until it breaks the 23% Fibonacci level, the market is likely to maintain its bearish sentiment. However, if it breaks above the 23% level, we could expect a bounce back towards the 38% to 50% levels in the current swing."
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.