$JSECFR - Richemont: Pullback Or Downside Continuation?
See link below for previous analysis.
Richemont had a small rally since the previous analysis.
I have been looking for a five wave rally though from the 215732 cps low and the rally to 265732 cps looks to be three waves.
This is where is gets complex as there are two ways to interpret this:
1) the three wave are a full zig zag correction and price is continuing lower.
2) price is in the early stages of a leading diagonal and will head higher.
Either way, 215732 is the key level to watch and while the current sell-off looks strong, I will remain neutral.
Richemont had a small rally since the previous analysis.
I have been looking for a five wave rally though from the 215732 cps low and the rally to 265732 cps looks to be three waves.
This is where is gets complex as there are two ways to interpret this:
1) the three wave are a full zig zag correction and price is continuing lower.
2) price is in the early stages of a leading diagonal and will head higher.
Either way, 215732 is the key level to watch and while the current sell-off looks strong, I will remain neutral.
