Price has completed a five-wave corrective structure at 495.
The corrective waves consist of three waves wherein B is a corrective, and A & C are the impulsive waves of corrective structure.
Wave B has broken down the ending point of wave A, which suggests that wave C has started.
Measurement for Wave C:
Wave C can accomplish 61.8% of impulsive structure at 344.
Wave C can finish at 100% of wave A at 320.
Wave C can complete at the lower band of the corrective channel.
Traders can trade for the following targets: 360 – 356 – 342+
Head and shoulders pattern:
Right shoulder has broken down the neckline of the head and shoulders.
Head and shoulders also suggest a bearish atmosphere.
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