Last week, the impulsive five wave cycle ended perfectly along the supportive trendline and could not edge any lower. As long as the price remains above this trendline, we expect a possible momentum to the upperside. The anticipated bullish price rally is the unfolding of a corrective three wave cycle and should break above 6509.40 but should not go above 7233. This view can only be invalidated in case the price breaks below the supportive trendline, if this is case, then a rapid move to the lower side is expected.
Trade Recommendations:
As long as price remains above upper trend line, we’re long.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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