On H4, the situation has hardly changed. The quotations are forming a consolidation channel. After a test of a long-term Fibo level of 76.0% and a divergence, the wave of decline is just nearing the first target level of 23.6% (58.00). The next goals might be 38.2% (49.94) and 50.0% (43.46). A breakaway of the high of 71.07 might signal the end of the correction and further growth to the fractal high of 87.09.
On H1, the picture of the consolidation is more detailed. All this move should be regarded upon as a correction after a wave of decline. After the growth to 38.2% Fibo and a divergence, the quotations dropped. A breakaway of the low of 60.46 will let the market continue the downtrend. In the case of a bounce off the low, correctional growth will continue to 50.0% (65.76), 61.8% (67.02), and 76.0% (68.53).
On H4, the uptrend continues to the post-correctional extension area of 138.2-161.8% (33950.0-36620.0) Fibo. However, even in such stable growth, there is a divergence forming, suggesting an upcoming pullback. The main goals of the correctional decline should be 23.6% (32089.0), 38.2% (30936.0), and 50.0% (30009.0).
On H1, you can see local and short-term goals of growth after the current high is overcome. They are in the local post-correctional extension area of 138.2-161.8% (33695.7-33970.0) Fibo. The support is at 33253.0.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.