The direction of the trend on the chart of this tool since October 2016 is set by the algorithm of the rising wave. This movement has a very high potential, corresponding to the level of at least the previous bearish wave.
By early February of this year, the price had reached the lower limit of a wide potential turnout zone. Considering that by this time the latent counter correction was already sufficiently formed, its final part (C) immediately started to fall down. In turn, because of the ascending rollback that began in March, the whole movement took the form of a zigzag.
In the next week period, the completion of the bullish plot is expected. Turning the cross can be expected in the area of the resistance zone. The subsequent price reduction may take on a flute character. The most likely lower limit of the week's weekly turn shows the support zone.
The boundaries of resistance zones:
- 152.40 / 152.90
The boundaries of support zones:
- 148.50 / 148.00
Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.