We can see the slow formation of a rounded bottom cup formation to hold the 50 MA an the 20 MA above the 200. If this reversal can happen here and it is followed by a handle we will have completed this intermediate wave consolidation and maybe ready to head higher into the 3300 range.
Comment:
Yes if it holds here we can have a reversal absolutely. Especially if we see the 20 and 50 MAs rising up to form a handle to this cup essentially confirming a bullish base.