From Elliott wave perspective, an impulsive five-wave drop from the highs suggests temporary top and new, higher degree three-wave (A)-(B)-(C) corrective pullback called a zig-zag correction. Currently we can see it finishing wave (A), so after a corrective recovery in wave (B) be aware of further weakness within wave (C).

Chart

From a technical point of view, we will ideally see bounce and recovery here around 6.0 level and back to 8.0 resistance area, from where we can expect another sell-off down to projected strong 4.0 support zone.


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