Monthly pivot scale
The long SMA is still in a downtrend.
The short SMA appears is reducing its angle of uptrend.
Prices are close to the MAP daily cycle fork lower parallel for a normal wave – expect support here
Daily ML is solid purple arrow – the latest ML – 80% probability of reaching it for D4!
Weekly pivot scale
25 June – AFTER with D-2 Target – putting in 4H4 presently and expect D-2 later this week or early next week on D45-1ML
The long SMA is in a downtrend. This suggests that this is the daily alternate complex correction.
The short SMA is still in a strong downtrend.
Prices have pierced both the 4H345 and the MAP daily cycle fork lower parallel and bounced off the 4H345 SP to -2 MLL, which should offer support at least of an hourly pivot (it is also a probable 4H-3). As a minimum I expect prices to return to the 4H0-1-2ML, and if this is a 4H-3 pivot then to the 4H345ML.
Daily pivot scale
The long SMA continues its downtrend.
The short SMA has resumed its downtrend confirming minimum pivot scale of 4H-1 and 4H-2. We are at least in 4H wave -3.
Prices have pierced the MF normal cycle MLL the 4H125 MLL (very often you get one scale down pivots on the 125 and 345 lines), especially when they are against the current trend) , which both are support lines at present. Further prices have bounced off the 4H345 SP to -2 MLL. In addition prices have bounced off the 10 -2-3-4ML.
This is at least H-3 and we are extremely likely to get a bounce here. They will meet resistance at the 4H345MLL and depending on when they reach it may work their way to the H-2-3-4 ML.
Hourly pivot scale
The long SMA clearly shows at least 2 Hourly pivots are in. I have shown possible simple alternate pivots H-1 and H-2
The short SMA clearly shows nice normal wave formation from minimum pivot H-2
10-3 hit the H0-1-2ML and turned. On the 10 minute pivot scale we can see that this is a highly probable bottom as prices hit the 10 -1-2-3 SP to -4 SP and reverted (also at the EW 0-1 SP to -2 intersection), which is a classic turning point. This would also indicate reducing downside momentum as seen by the gap to the H0-1-2ML which would be expected for a pivot 5.
The bulk of probabilities is that we have at least a H-3 so I am expecting a gap up on Monday. If not there may be 1 more low on the 4H345 SP to 4H-2.
A break above 6591.24 would confirm this as 4H-3.