Trendline that worked as a support since September 2021 has now become resistance and the price was rejected from that level sharply. Whole down move from the top made in January this year looks like a complex correction (WXYXZ) and we seem to be in last leg (Z) of the correction.
Question is how deep Z could go? At the minimum, Z could be equal to W and that gives us a level around 145. But given the macros, deeper slide couldn’t be ruled out.
Moving as expected. It is now at 156. Could it go below 145?
It’s likely that we might go below 145 given that global macros are weak. But we’ll see how the wave structure evolves.