Index is probing below the Rising Wedge formation. Either it is
a serious shift of trends or just a gravitation to the Yearly Pivot
Point, which is still untested. It is often the case, that price or index
like to test the Pivot Point in any given time period.
Yesterday index tested the Monthly S1.
Below the Monthly S1, at 12025, stands the Yearly PP at
11967 and below that also the Kumo Cloud at 1855.
A weekly close below the Rising Wedge will be a first sign of
a shift in sentiment going forward. A close below the Monthly
S1 will add to this shifting bias. Still, it is easy to see that trend is still
bullish, as index is trading above the Kumo Cloud.
A weekly close inside the Wedge will again put the upside
in play towards the high around 12300.
The one year consolidation might be coming to a close and it
is good to keep an eye on that.
a serious shift of trends or just a gravitation to the Yearly Pivot
Point, which is still untested. It is often the case, that price or index
like to test the Pivot Point in any given time period.
Yesterday index tested the Monthly S1.
Below the Monthly S1, at 12025, stands the Yearly PP at
11967 and below that also the Kumo Cloud at 1855.
A weekly close below the Rising Wedge will be a first sign of
a shift in sentiment going forward. A close below the Monthly
S1 will add to this shifting bias. Still, it is easy to see that trend is still
bullish, as index is trading above the Kumo Cloud.
A weekly close inside the Wedge will again put the upside
in play towards the high around 12300.
The one year consolidation might be coming to a close and it
is good to keep an eye on that.