According to Masterforex-V Academy, the mid-term trend is still bearish. At this point, the price is forming the retracement against A/B of level Daily 2.
Still, the Fibo grid for the wave is built on top of the 79,021-81,500 range. In order to calculate the downward targets apart from the mentioned grid, we can use the momentum grid for wave A built on top of the 81,500-80,520 range.
The starting point is 81,290 = 76% or the peak of wave B. There is a downswing represented by wave aC of H8. The second starting point is 80,970.
At this point, the price is forming another downswing from the second starting point. It is represented by wave cC of level H8. It is being developed within the framework of a sloping channel. The sloping channel is built through 80,970 and 80,890. The wave is defended by pivot 2 located at 80,580.
The external sloping channel built through 81,500 and 81,290 as well as pivot 1=80,880, are defending the entire move started at 81,500.
The downward targets are:
79,967=62%
79,605=76%
79,313=88%
In order to reverse the downtrend, the price will have to build a bigger-scale upswing breaking above the top of the external sloping channel with a following FZR.
