Prices were rejected by purple SMA
, which ended wave a, the index now being in wave b of (c), still developing. We need b to finish to be able to mesure possible lenght of c of (c), the final wave of the corrective sequence, and end of wave 2. For now, all we can say is that it could be anywhere from 2810-2820 area which comprises 0.618 retracement
level and wave (a) high, to 2045-2075 area which comprises (a)=(c) and early 2018 high, made on high momentum and barely overtaken this fall. I would also like to see some momentum divergence developing in process. Possible backtest of the broken blue trend line
is also to be monitored closely.