After rebounding from the upper bound of the yellow channel, we saw a fairly sharp decline in the price in the central zone of this channel.
Then, a small bullish correction was formed in the last section. It is likely that this correction was fully completed, so the market may soon continue to move down towards the support level of 1478. 65, which is on the lower bound of the yellow channel.
The implementation of an alternative scenario is unlikely, but it should be mentioned. The market may continue to adjust up to the upper bound of the yellow channel near 1620.00.
Let’s add this market to our watchlist.