After the bottoming of 37.66 in August 2024 the market went sluggish, but it maintained a bullish swing where rising bottoms were exhibited. A rounded bottoming pattern presented itself with a divergence showing towards the current recent low 48.27 and MACD is moving into positive territory suggest upside potential.
Leaning on the wave principle, wave c is likely in the making toward the prior wave b (yellow) as an objective.
Support from the rounded bottom formation together with the wave count mitigate a firmer market in the months ahead.
Leaning on the wave principle, wave c is likely in the making toward the prior wave b (yellow) as an objective.
Support from the rounded bottom formation together with the wave count mitigate a firmer market in the months ahead.
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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.