The US Index correction up to the 61.80% Fibonacci retracement of minor waves 1-3 missed the 98.66 low of wave 1. This means that the current structure can be still considered impulsive.
With bears pushing prices down sharply, the chances of reaching fresh lows for the completion of minor wave 5 are increasing.
This scenario could be validated below minor 3's low at 97.10. Should that be the case, the index could extend its losses anywhere down between 95.50 and 96.34!
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
With bears pushing prices down sharply, the chances of reaching fresh lows for the completion of minor wave 5 are increasing.
This scenario could be validated below minor 3's low at 97.10. Should that be the case, the index could extend its losses anywhere down between 95.50 and 96.34!
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
