the impulsive bullish move brought the price into a strong resistance area and the market is extremely over-extended ,so the next corrective move is about to start. The first support area is around 800 where we can expect a sideway movement, If liquidity increases there and price bounces a long position could be considered. However, bear also might become in control and bring price lower to next supports.
Comment:
After retracing to the support zone, price is likely to grab some liquidity to start the next impulse, testing the previous resistance and possibly breaking it.
Comment:
it seems price successfully bounced and started the next impulsive move heading to 10054 and eventually 11000 if bulls remain in control.
it seems price successfully bounced and started the next impulsive move heading to 10054 and eventually 11000 if bulls remain in control.
Comment:
1hour perspective
Comment:
Inverted head and shoulder completed and t upward move has been started. Watch for targets and close accordingly.