There is a 5-3-5 pattern structure expectation within both Intermediate and Primary degrees.
The bounce at 3 is seeing early resistance. In the target search for 4 we have the dotted line indicating the 61.8% retrace of wave 3 of wave (A) of wave [C].
Looking at wave (A) of wave [A] the point 4 was also at a retrace of 61.8% of wave 3.
Also the retrace of the distance from SC1 to 3 of point 4 was at 50%. This is also the case for the dotted line target in relation to the distance from [B] to this latest point 3.
The pattern has also generated a pitchfork which can provide some future support & resistance value.
The moving average is for 100.
This is a large pattern which is far from complete. When [C] arrives it should approximate [A] and clock in as the first Cycle degree leg of an ABC pattern. The Cycle degree B-wave will be a bull comprising an ABC at Primary degree. This will be similar to the chart pattern from [A] to now with another [B] leg to go.
Please note that it is not compulsory to agree with the above. If it is too much to bear...
The study of the JN43 index has been found (by myself) to provide answers more readily than the other ALSI related versions. The answers can be used for finding similar on the tradeable JSE ALSI futures.
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