Current price action find resistance at previous swing 38.2% and latest swing of 50% Fib which is the heavy confluence zone. In addition, the daily 20 and 100 ma 11881 and 11901 resides there which added weight to this resistance. Only a break above these levels will allow the bulls to target the upper channel of this triangle and with a possibility of moving higher.
The count on a downside pressure often result in 5 waves while corrective rally is impulsive but looks checked to an ABC correction. Current price action could replicate such move as well.
Long @ 11839 - 11816 levels (what was support now resistance)
- assuming the retracement is B to complete
- an IHS formation could warrant higher prices
- Stop @ 11800
- Target @ 11924 - 11946 levels