Further down is the completion of an ABCD pattern at 2.62. That is where the CD leg of the declining trend matches the price change in the initial AB leg of the pattern.

If the 2,353 level fails to maintain support, then a declining ABCD pattern will be triggered. Note that the initial target from that pattern is 2,347, while a secondary target is 2,311.

At a price of 56,159 the CD decline of the ABCD pattern will be 127.2%, a Fibonacci ratio, of the AB decline. Bearish confirmation can be seen in the continuation of the decline in the relative ...