WOCKPHARMA shows that after a strong rise, the price became overstretched near 1,867 and entered a correction phase, Wave 4. It is still trading below both the 100-day and 200-day averages, clearly indicating weakness and selling pressure. Any small bounce from here is likely temporary and not a sign of a new uptrend beginning. The market appears to be clearing out weak buyers before starting the next major upward leg of Wave 5.
After completion of wave (4), traders can long for the following targets: 1591 – 1672 – 1867+.
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