"As noted in our previous analysis, the price was targeting 2,695. It has since reached 2,720 in seven waves, which may represent Wave 2 or B. Following this, the price began a new downward move, likely forming Wave C or 3.
The price is expected to retrace inside the recent bearish imbalance (Fair value gap) to levels:
-** 2,645.96 -** 2,655.51 -** 2,667.90 “Daily Bearish order block”
- **Wave C Target:** 2,470 - **Wave 3 Target:** 2,310
Supporting this bearish outlook are the 4-hour bearish engulfing pattern and the MACD signaling a bearish crossover.