As per chart, I see 8900 or about's is where we should come in. [ 0.786 re-stracement]
Why, its probably the line where most inexperienced will sell? [ 0.786 fib re-stracement level]
Note: 15 minute chart comes in handy. Also note RSI is almost near the bottom. I'm also well away that a H&S can potentially take form when it reaches the pink area.
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It seems it didn't save my updated commentary. What I added was that 8900 equates to 0.786 fib. retrace. level.
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There are a number of obstacles. > We can potentially be forming a bearish triangle or rising wedge If that happens, we see 8500 as the drop area, then to resume back to towards the target 1. However there are some assumption which we cannot cover all here. > We hare getting LH's on the 4 Hrly so things are still bullish > 9400 and above is a resistance zone, so if we get a green closing candle on the 4hrly above this zone, then we have the "next target" area.