Price is moving in a rising wedge and is close to the .618 retracement level of the last move down. We may drop from here, however I am watching for a retest of the current high and possible test of the upper line of the wedge around 24 400. There is weekly resistance just above at 24 900 so, barring any political or economic events that cause a sudden drop, we may see a break of the wedge to test this and the all-important 25 000 level.
Comment:
Have just noticed that an AB=CD pattern would take the D point to 24 385. There is also a significant horizontal trend line at 24 400. So I'm inclined to think that we may not break through the top of wedge at that level but may drop instead. But let's see.
Comment:
Price continuing up. Am looking to short at around 25 050.