Caterpillar recently reversed down from the resistance zone located between the pivotal resistance level 103.65 (which has been reversing the price from the middle of March) and the 38.2% Fibonacci correction of the previous impulse wave 5 from the start of this month.
The price will form the daily Shooting Star if it closes today near the current levels (Caterpillar formed daily “Shooting Star” and “Bearish Engulfing” the last 2 times it approached the resistance level 103.65).
Caterpillar is likely to correct down further toward the next support level 80.00 (which recently stopped the B-wave of the active ABC correction (4)).
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