Last week the index was expected to consolidate to 1.170. During the week the index moved flat between 1.190-1.240.
The technical situation is almost as in the week before, the wavecount can be continued.
Short term: The correction to 1.170 is not absolutely necessary. Also possible is a 1-2 week triangle between 1.190-1.240. This has to be decided by the short term intraday patterns (a fall to 1.170 is still favoured)
Very short term : The trading last Thursday and Friday below 1.237 was necessary to keep the index in "correction mode". On Friday the index finally broke 1.215.
The downmove since last Thursday's at 1.236 is impulsive. Very short term the downside targets are at 1.201 (almost reached), 1.188 and later 1.170. The central intraday resistance is at 1.220.
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