TLDR: short term upside target 1k - 1.1k if 860 holds.
EW interpretation:
On the 4h chart published above, we can see either a i-ii or a a-b movement off the Jan '22 low, with a higher low struct at 838.
If a new higher high presents itself, preferably above 860, both counts will project us to ~1050 in the short term.
The rising trend of the RSI, started prior to the Jan low, gives some extra hopium.
The action off the low today is constructive so far, on the 5min chart I can solidly count five waves up before the pull back begins.
Two probable targets for this mini correction, if this count is correct, would be 0.382 and 0.618 retracement marked with the purple fibs, around 875 and 860.
(5min chart: tradingview.com/x/8NZ4D0d7/)
Stop can be placed under the 0.764 fib ~852.
Note: this was a request, not actively following it.
EW interpretation:
On the 4h chart published above, we can see either a i-ii or a a-b movement off the Jan '22 low, with a higher low struct at 838.
If a new higher high presents itself, preferably above 860, both counts will project us to ~1050 in the short term.
The rising trend of the RSI, started prior to the Jan low, gives some extra hopium.
The action off the low today is constructive so far, on the 5min chart I can solidly count five waves up before the pull back begins.
Two probable targets for this mini correction, if this count is correct, would be 0.382 and 0.618 retracement marked with the purple fibs, around 875 and 860.
(5min chart: tradingview.com/x/8NZ4D0d7/)
Stop can be placed under the 0.764 fib ~852.
Note: this was a request, not actively following it.
tradingview.com/x/PNrHu3na/
In that case this mini rally will reattempt to clear the hurdle ~946, where challenge to it has failed multiple times sinds 1 Feb.
Consider stop~882-873