the impulsive bullish move brought the price into a strong resistance area and the market is extremely over-extended ,so the next corrective move is about to start. The first support area is around 800 where we can expect a sideway movement, If liquidity increases there and price bounces a long position could be considered. However, bear also might become in control and bring price lower to next supports.
Note
After retracing to the support zone, price is likely to grab some liquidity to start the next impulse, testing the previous resistance and possibly breaking it.Note
it seems price successfully bounced and started the next impulsive move heading to 10054 and eventually 11000 if bulls remain in control.
Note
1hour perspective
Note
Inverted head and shoulder completed and t upward move has been started. Watch for targets and close accordingly.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.