Dubai Financial Market - In cycle?

The index is in short term up trend but stuck in a range for the last 1 week. As we can see the rally started from the low of 1680 area and made a high of 2039.64, if we closely count the period its taking to make new highs and retracements it gives me a cycle of 7 days up and 5 days correction. IF we go with this cycle it can potentially give a breakout on sunday or monday on either sides. Since we are on a short term uptrend i am biased on the upside. Also to make a note that its taking support at 38.2% FIB levels as of now. Next Immediate support level is 1820 area lets wait and watch the market to decide on the direction. My positions are still open and will decide upon the breakout. Happy Trading

Hit like & follow