The illustrated view of KL downside to SA1**, followed by gains to R3, remains valid. This should be part of the larger R3/SA1** consolidation phase.

• The PQ defined gains seems corrective, supporting the interim view of downside off the R0/R1* resistance area to SA1** . This move will likely complete the KL formation.
• Important SA1** support is expected to hold during KL defined downside, followed by meaningful gains back to R2 and R3.
• The negation level for the expected bear phase is at R1*. This will pivot the market to larger bullish potential to R2

General view: The illustrated WXY downside that started at point 0 remains valid and should be followed by final downside to S4.

Medium term:  The PQ flag formation is forming phase X of the WXY downside. Overlapping price action within PQ, as well as the current KL channel supports the general view.

• The current Z range seems like a flag continuation pattern, as part of the larger upside to K and P to complete X.
• A break below S0* will activate the downside.

Note: Many interim alternatives remain possible and the view is of medium to low conviction.

The general view of gains to R2*, followed by a bear trend to T1, is retained.

• Overlapping upside from the bottom at S3 supports the view that it is a correction in a larger bear trend (see daily analysis).
• The current ZX consolidation is also corrective and potentially phase D of the ABCDE interim bull phase to R2*. A break of Z will activate the upside potential.
• Below S1* will neutralize phase E upside and pivot the market to a more interim bearish bias. R2* is the bullish level that needs to hold.

• downside.