Summary: The long held view of a complex P/L corrective phase, followed by an eventual bull trend to T1 and T2, remains valid. Internal moves  of complex formations are, however difficult to pinpoint, due to a number of possible outcomes. 

• The illustrated outcome off gains off L to P, followed by final phase C downside to L and S1, is the preferred stance.
• Oversold and diverging RSI conditions are an early signal and confirmation of bottoming potential.
• S1* is the pivotal level for the consolidation and bull trend stance.

Summary: The previous stance of corrective WXY downside to the S2/L target area, has materialized.

• The sharp bullish reversal off S2 is likely part of an ABC bull phase that should target RA1*.
• An interim expected phase B bearish correction must preferably remain above S1* for the ABC upside to remain valid. A break of S1* will activate another bear phase towards L**
• The complex nature of the general Z/L** formation should result in further R1*/S2 consolidation, followed by eventual gains to Z.
• The illustrated moves remain part of the larger consolidation (see daily analysis).
• A break of R0* will reverse the bear phase.