Disclaimer on,
This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.
For 6 months (13 May '22 - 06 Dec '22), the Composite Index moves in a huge sideways and forming the Bearish Pattern Flag, finally it decide one way to be chosen.
Unfortunately, its choice is to go down which is confirmed by broke the lower trendline and close below it (08 Dec '22). This action is confirming the Bearish Flag Pattern which is mean then the price will be going down.
I assume:
- The first target of declining is the 6440 - 6450 level (1.0 Fibonacci Extension ratios and classic Support area).
- The lowest target of this decline is the 6140 - 6180 level, because there is a gap that needs to be closed at the levels 6160 - 6180 which was formed on 30 sept '21. This assumption is reinforced by the accumulation of 1,618 Fibonacci Retracement and Fibonacci Extension ratios plus classic support area.
"Fasten your Seatbelt, and get ready to BOW"
Follow me for next update
___________
Best regards, @riandwip686
This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.
For 6 months (13 May '22 - 06 Dec '22), the Composite Index moves in a huge sideways and forming the Bearish Pattern Flag, finally it decide one way to be chosen.
Unfortunately, its choice is to go down which is confirmed by broke the lower trendline and close below it (08 Dec '22). This action is confirming the Bearish Flag Pattern which is mean then the price will be going down.
I assume:
- The first target of declining is the 6440 - 6450 level (1.0 Fibonacci Extension ratios and classic Support area).
- The lowest target of this decline is the 6140 - 6180 level, because there is a gap that needs to be closed at the levels 6160 - 6180 which was formed on 30 sept '21. This assumption is reinforced by the accumulation of 1,618 Fibonacci Retracement and Fibonacci Extension ratios plus classic support area.
"Fasten your Seatbelt, and get ready to BOW"
Follow me for next update
___________
Best regards, @riandwip686