The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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The decline from 64.00 has become deeper than we expected. It is more likely to be a part of wave ii which means a sub-corrective wave ii/ decline. Therefore, we assume the possibility of a full retest of the 56.67 low before the next impulsive rally higher through minor resistance at 64.00 for a rally towards the S/H/S target at 85.27. Perhaps we will see a further rise towards the S/H/S extension target at 100.65. In the short term, we will use a break above minor resistance at 59.64 as a guide to judge whether the correction in wave ii is still underway or has been completed so the next impulsive rally is in progress.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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