What does Elliott Wave Theory say?
By examining the state of the trend over a four-hour timeframe and applying Elliott's wave theory, after breaking the June 10 floor and creating a new floor in the market and converging momentum time frame with the completion of the previous correction pattern,, the probability of continuing the downtrend has increased. The market has been climbing from the June 14 floor to the breaking range of the broken neutral channel floor, below which the price is currently reacting, increasing the possibility of making a pullback. Until the high price in the range of 1839-1842 dollars is not stabilized, we can continue to see a decline as we see signs of decline. One of these signs is the price stabilization below $ 1828. The minimum downside target range will be $ 1796.
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