The SPI200, now at 5211, is heading to 5000 and much lower. We're expecting a small rebound to 5238 when it touches the support around 5190.
Level 5238 could be a good entry point.
TARGETS
likely: 5065-5040
possibly: 4942
maybe: 4860
ELLIOTT WAVES
The weekly chart shows that the SPI200 completed waves 1,2 and 3 and it's now developing wave 4 with a zigzag or a flat lasting several months.
The operational range of this zigzag or flat should be between 5460 and 4660 or lower.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
Daily chart, click to enlarge
Wave oscillator applied to the daily chart, click to enlarge
4-hour chart, click to enlarge
wave oscillator applied to the 4-hour chart, click to enlarge
1-hour chart, click to enlarge
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