After the end of the medium term bullishness at the recorded top at 193.47, the shares started the downside correction which extended beyond the 23.6% Fibonacci correction, but the 38.2% stopped the downside move temporarily. 
We see that this pause is temporary as the share still has downside targets after it provided a bearish pattern formation over daily basis and breached its neckline at 147.75. Accordingly, we believe that the current upside move is a retest to the breached neckline before continuing the downside move over short term basis targeting next 120.30 before attempting to extend the downside move towards the full target at 103.20. Momentum indicators are providing negative signals supporting the downside reversal to continue the suggested wave; yet on the other hand, we should note that breaching the resistance area among 147.75 and 152.90 and consolidating above them confirms that the share settled for the downside correction and will return to the general bullishness.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com