Last week I wrote: "Last week I wrote: "With the convergent move between price and the Stochastic RSI indicator, the logic thing would be a continuation of the down move for the creation of a wave 3 down." And yes we have already a confirmed wave 3 down. There may be some pullback, but I expect a further move down to a first target at the level of the S2 pivot support of the month. Downward price targets are at: 1995, 1975 and 1925. Longer term targets are at 1830 and 1740. But most probably there will be some up retracement the coming couple of weeks before moving to lower levels."
Last week I mentioned: "There may be some pullback, but I expect a further move down to a first target at the level of the S2 pivot support of the month." The first part of the week we saw the pullback almost retracing completely the previous week down move. But Thursday and Friday finally ended with a lower closing price for the week. It looks like we should expect a further move down towards 1920-1930 to complete the wave 3.2 down. We have lower tops and bottoms and price moves below all averages inside a down moving pitchfork. Most probably there will be a pullback before reaching the wave 3.2 target.
Sylvain Vervoort Stocata.Org