a) The price is above a major Support / Resistance zone
b) The last time the price broke this level with a bullish movement we observed the next sequence: -A bullish movement towards 500 - 515 -Daily Correction making a throwback on the broken resistance zone
c)The main idea of technical analysis is that what happened on the past will tend to repeat on the future, following that idea we are going to pay attention to the previously mentioned movement
d)IF the price reaches the 500-515 level and we observed a correction similar to the one that happened on the past, THEN we will open long positions with a target on 850.00
Interesting to see that the Major Support turned out to be at 315. Easy to see in retrospect - there is just a WALL of resistance at 315 when you add up price action in July 2019, and a sustained period June to November 2017. Returning through the 365/400 zone will require patience, but ultimately inevitable, probably round about the time indicated by the start of the green arrow. So the thesis still holds for those whose time scale is long enough to allow them not to panic and view the present dip as a necessary condition to provide a strong foundation for the green arrow. 315 to 345 represents a Value entry zone.