I still have a bearish bias. If this rally can't give a convincing close above 164.66, then I will continue to have a bearish bias because the downside impulse that I believe to have identified could still be intact. 164.66 is a significant level because its the 61.8% fib retracement level from the 187 top to the bottom of the assumed wave-1 at 134.05.
As for the current rally, it has gone too far up to be considered a terminal wave (you'd have heard me mention this pattern if you've been following my posts). With the further extension of the rally, it has now become disproportionate with itself and I no longer consider it a good representation of a terminal. As such, it must be an impulse since that's the only other motive wave that exists. In this regard, I believe there could be one more high left to create a recognizable 5 wave pattern. This would bring price above 162.04, possibly challenging the 61.8% fib retracement level at 164.66.
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