The Trust Layer for Market Analysts

The market is currently in a sideways chop, holding above the $1.96 support level which previously acted as the high of wave one. The current price action suggests a potential ABC correction pattern where the B wave is expected to target the $2.20-$2.25 resistance zone. Following this, a C wave decline is anticipated, potentially reaching the support zone around $1.68-$1.77. The analysis anticipates that the market will likely continue its sideways movement until a significant event, such as tomorrow's CPI release, provides a clear directional impetus. Until then, the expectation is for continued consolidation with potential for a short-term bounce to the identified resistance before a further decline.