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The correction from the 105.67 peak became much deeper than expected. Therefore, we have been reviewing our possible counts and have updated our preferred scenario as follows. This count still calls for a much higher upside. The count shows that an expanded leading diagonal unfolded from the 40.33 low to the 105.67 high as wave 1 and the following deep correction is wave 2 or part of wave 2. We preferred wave 2 to be complete with the test of 65.71 or the 61.8% corrective target of the distance travelled from the low at 40.33 to the peak at 105.67.
In the short term, we will be looking for a break above resistance at 90.50 confirming that the decline from 105.67 was corrective and likely has been completed and a new test of the former peak should be expected soon.
In the longer term, we will be looking for much higher levels with 171.43 being the next major upside target to look for.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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