GVT 3/5
Wave 3 has reached 1:1 fib extension which is around 27100,
RSI indicates overbought and also bearish divergence, so a correction is imminent (volume is decreasing as well). Based on the 0.618 retracement of wave 2, we can assume wave 4 retracement will be less than that, and also wave 4 cant enter wave 1 territory, so the correction target would be 25700 at most (which appears to be 0.382 retracement).
Chart patter: Hanging man is forming.
RSI indicates overbought and also bearish divergence, so a correction is imminent (volume is decreasing as well). Based on the 0.618 retracement of wave 2, we can assume wave 4 retracement will be less than that, and also wave 4 cant enter wave 1 territory, so the correction target would be 25700 at most (which appears to be 0.382 retracement).
Chart patter: Hanging man is forming.
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