As long as NEL trades above the 11.645 NOK (0.702 Fib retracement from the bottom of the impulsive waves), higher prices must be expected, and potentially another set of impulsive waves. The yellow box is the range from 0.382 to 0.618 of Fibonacci. This range is the classical value area for potential new trades during corrections. If NEL broke the support, prepare for substantially lower prices.
This is my proposed short-term labeling for the current correction.
This is my proposed short-term labeling for the current correction.