We don't think it is the beginning of long term bear market. Regardless if current decline from recent high is over or not, it has all the aspect of an A wave which are often surprising waves with investors saying "what the hell was that ? "
It is is very hard to say if wave A is over but If we see more weakness there's some support at 23400+/-
If over or once over wave B can take many shapes but I wouldn't be surprised to see a very sharp rally towards 24800 and even 25500 is possible before we start another decline but this one should be a slow grinding process i.e the opposite of current wave.
It is is very hard to say if wave A is over but If we see more weakness there's some support at 23400+/-
If over or once over wave B can take many shapes but I wouldn't be surprised to see a very sharp rally towards 24800 and even 25500 is possible before we start another decline but this one should be a slow grinding process i.e the opposite of current wave.