I have detected higher lows that may cause a downtrend for short term, however I have also predicted a pullout effect leading price action towards 1332
. as I believe a reversal will take place near that point. I have created a potential bullish cypher
pattern which may lead above structure, if point C to D is complete then a breakout may occur. As point D is placed near the 1298.51 area in which is a low point and a kiss beneath the lower structure which may be an advantage for buyers. I have included a breakout point for potential longs and provided an exit strategy in case the trend may hit the second bottom level of the structure.
Opening point: 1298.51
Target point: 1418.64
Exit point: 1242.69