The index is suffering the technical consequences of the 3,025 - 3,030 Double top earlier last month and is aggressively pulling back within its 1W Channel Up (RSI = 47.427, MACD = 35.000, ADX = 33.659) having crossed all 1D Support levels.
It is now approaching the Higher Low Zone (green) and the 1D MA200 which has always acted as a strong Support through out this bullish pattern. We are turning into buyers aiming at 3,000 - 3,025.
Attention is needed however and willingness to exit this trade if the 1W Support breaks. The reason is that will indicate that the Double Top was an official failure to extend the long term bullish trend and selling can escalate towards the 2019 Lows.
that is the name of the game, it is not going up without flooring down first for a jump! Would it be 3K or 7.4K? Judging by potential rise, it got to be lower one...
ReallyMe
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Take good care, it might go all the way down to 2810 - 2820 before it bounces off. That's my current assessment. YMMV
DaddySawbucks
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Waiting to see if we get 2840 area to improve R/R looking for a bounce. Ty 4 post!