Here I present an Elliott wave analysis, together with channels and barriers analysis.
In my view we are watching the last try to reach the historical maximum, which can be briefly surpassed. But it is the last wave on 2 degrees: V and (V). It is a wave on the next degree, which started at the beginning of 2015.
Besides, it is going perfectly on a well defined channel, but channels use to finish when they become clearly defined. So, by both analysis, a quite strong correction should develop soon. As a minimum it will go to the base of the channel, and there is a quite good support at 685.
But I think it will be stronger, due to Elliott, due to touch historical maximum (strong barrier), due to long time going up. So, I think it will be easy that it will go to 460, where there is a very strong support, and there are the minimums of waves IV and (IV), that Elliott Wave Theory says it use to be a point to finish a correction.
About the time duration of correction, it is the more difficult to predict. But just because the order of the implied waves, it should be months, not weeks
In my view we are watching the last try to reach the historical maximum, which can be briefly surpassed. But it is the last wave on 2 degrees: V and (V). It is a wave on the next degree, which started at the beginning of 2015.
Besides, it is going perfectly on a well defined channel, but channels use to finish when they become clearly defined. So, by both analysis, a quite strong correction should develop soon. As a minimum it will go to the base of the channel, and there is a quite good support at 685.
But I think it will be stronger, due to Elliott, due to touch historical maximum (strong barrier), due to long time going up. So, I think it will be easy that it will go to 460, where there is a very strong support, and there are the minimums of waves IV and (IV), that Elliott Wave Theory says it use to be a point to finish a correction.
About the time duration of correction, it is the more difficult to predict. But just because the order of the implied waves, it should be months, not weeks
