After the gap up we saw a downward retracement and looking at the long way down we may consider the decline of the past 4 days as a healthy correction within a wave up now.
Weare facing a resistance now after this sharp drop and I expect a profit taking, i.e. a retracement.
Got a long way down and facing support here.
The index has fallen for 3 day very impressively. As we are meeting a double support here (MA and rising support), it may be ripe for a retracent. If the support doesn't hold however, we shall face another drop down.
It is an attempt to correct yesterday's rise.
A falling trendline and the MA are capping the rate at moment and perhaps for a while.
The MA serves as resistance here and gives support for a retracement upwards.
We are rising and there is some room to the ceiling. Not more and not less.
The attempt to fall below the MA failed. Thus the current level has been confirmed and an other rise is possible from here.
However there are signs of a bottom. It may be temporary only but a correction may be traded as well.
We are close to what I mean supporting lines resulting from diferent studies. It is just my unorthodox opinion and someone may say that this are no supports at all, of course, I'm aware.
The bottom building has failed now and this paved the way for a further decline.
Just a bet after the fine rise today.
We have reached the top of the cloud within a completed retracement.
At least a retest down is to be expected.
I admit that there is the danger of an exhausting gap as the price has run for a good while already. Thus it will be reasonable to work with a tight stop.
Looks like a break out of the range after this new high.