Last week I wrote: "Correction wave 2 was finished on Tuesday. Thursday the 50 day average support was broken as expected. The down move was stopped on Friday reaching the dynamic support of the 100 day average, the S1 pivot support and the low side of the BBS volatility band. The expert turned black on Thursday. We have a valid wave 3.2 down. The Fibonacci target for the wave 3.2 down is 1563. There may be some reaction before we reach that point. For the medium term 1500 is the next target".
What I said last week: "We have a valid wave 3.2 down. The Fibonacci target for the wave 3.2 down is 1563". The index reached 1560.3 already on Monday. This was the end of wave 3.2. Followed by an up reaction wave 2 towards the 50 day average, the upper side of the down moving pitchfork and the upper side of the small BBS band. On Friday we see the start of a pullback. I think correction wave 2 is completed and do expect that wave 3.3 down is started for a move below wave 3.2. The expert is still black. We still have an open short position.
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Sylvain Vervoort https://stocata.org/