The macrostructure is BEARISH, but we are at the beginning of a CORRECTIVE WAVE (BULLISH).
The microstructure was broken by creating a BOS MIN and changing its configuration to UP.
The path of least resistance still indicates midterm downsides, but as we mentioned in previous articles, "corrections are inevitable".
The intermediate zone (3880 - 3920) is interesting to add short positions following the macro trend.
The demand zone (3640 - 3600) is interesting for adding long positions following the corrective wave and applying the non-confluence strategy.
IF the price breaks the BOS MIN (3560), then we have strength to continue the bearish move.
Control your risk.
The Elliott Wave Principle is exactly that, a principle, but it does endeavor to place the overall market move as well as the short-term wave structure into an order. The application of the Principle is not infallible, but when it's applied correctly it is overpowering in its market interpretation as well as its success.
It is not investment advice. We accept no responsibility for any loss direct or consequential arising from any use of this plan.
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