Welcome to VitalFinance!
Publisher is the well known blogger and technical analyst "the smart goldfish" Ioannis Deligiannis.
We continue this week with the updated GI analysis published by Greenbull.
The rising trend line A was broken and combined with the pressure from the 20d and 50d moving averages the GI is developing a downward prospect. As long as the 811 support stays in tact, there is still, a possibility for the GI to continue its previous upward trend. On the other hand if the 811 level is penetrated, it will lead to the beginning of a c wave or a 3rd wave. If it is a c wave, it is possible to reach the 765 level where the a wave is equal to c, a=c. Of course it is possible to stop higher as a truncated c wave or even lower as an extended c. We will see about that, as the c wave must be composed with 5 waves.
On the other hand if it is a 3rd wave then the target is lower and could reach the 712 level (3)=1,62 Χ (1), or even lower. The movement of the foreign markets and the domestic political environment could be decisive.