- Boeing falling inside impulse wave 5
- Likely to fall to 120.00
Boeing recently reversed down from the resistance area lying between the round resistance level 200.00, lower trendline of the wide down channel from last 2018 (acting as resistance after it was broken recently) and the 38.2% Fibonacci correction of the previous downward impulse 3.
The downward reversal from this resistance area started the active short-term impulse wave 5.
Boeing is likely to fall further toward the next support level 120.00 – the breakout of which will make the test of the next major support 90.00 (low of previous wave 3) very likely.