Secondly, the indicators Stochastics (14, 3, 3) and (14 Close) indicate that we are reaching an overbought position based on the daily time frame as well as on the monthly chart.
Thirdly, following the upward trend pattern of , we are about to hit the 0.5 (3909.8) level of the starting from the bottom of the Covid-19 market crash last year with the high on 2nd September 2020 and the low on the 24th of September 2020.
These are my reasons as to why there might be a potential correction due soon.
My opinion is that we might see a 8% to 12% correction to the downside towards the 100EMA line (Green Line) and be held by at 3532.4 (Orange Line) on the daily time frame in the weeks to come as we close upon the months of February and March 2021.
Stay cautious investors and traders.
Just my 2 cents.