chart

having now pulled back to the 40-42 area as per our previous discussions, meo is hovering around the 50% retracement of the move from 22 to 65.

a 3 wave corrective structure is obvious on the daily after the impulse move.

a move through 48-50 will see the correction confirmed and a target of 84 becomes apparent later this year.

a test of 37/8 area is still possible but would weaken the outlook.


if you don't understand this or you think charting is cr@p, don't bother replying - the market is bigger than you.