Elliott Wave Count
Wave 1: Strong impulsive move upwards, establishing a bullish trend.
Wave 2: A corrective decline, respecting Fibonacci retracement levels.
Wave 3: Largest and most aggressive push, confirming bullish continuation.
Wave 4: Consolidation phase, finding support at a key level.
Wave 5: Final leg up, targeting resistance near historical highs.
Currently, the market is in Wave 5
Key Levels
Major Levels:
23,696 (Major Resistance)
22,883 (Key Support, currently holding)
21,963 (Deeper Support Level)
Mid Levels:
23,369 (Midway Resistance)
22,669 (Bullish Breakout Zone)
Minor Levels:
23,128 (Current Market Price Zone)
22,400 (Potential Retest)
Trading Strategy (Entry, SL, TP)
Buy Scenario:
Entry: 22,883
Stop Loss: 22,669
Take Profit 1: 23,369
Take Profit 2: 23,696
Sell Scenario (If Rejected at 23,696):
Entry: 23,696 (Strong rejection)
Stop Loss: 23,850
Take Profit 1: 23,128
Take Profit 2: 22,883
Bullish breakout above 23,369: 78%
Rejection from 23,696 & drop to 22,883: 62%
Market remains range-bound (between 22,883 - 23,369): 40%
Final Thoughts & Risk Management
The RSI broke out of a downtrend, aligning with a bullish continuation.
Risk-reward ratio is ideal for long entries, but careful monitoring is required near 23,696.
🔥 Conclusion: Bulls are in control, but a breakout above 23,369 is key for continuation. If rejected, shorts become viable.
Wave 1: Strong impulsive move upwards, establishing a bullish trend.
Wave 2: A corrective decline, respecting Fibonacci retracement levels.
Wave 3: Largest and most aggressive push, confirming bullish continuation.
Wave 4: Consolidation phase, finding support at a key level.
Wave 5: Final leg up, targeting resistance near historical highs.
Currently, the market is in Wave 5
Key Levels
Major Levels:
23,696 (Major Resistance)
22,883 (Key Support, currently holding)
21,963 (Deeper Support Level)
Mid Levels:
23,369 (Midway Resistance)
22,669 (Bullish Breakout Zone)
Minor Levels:
23,128 (Current Market Price Zone)
22,400 (Potential Retest)
Trading Strategy (Entry, SL, TP)
Buy Scenario:
Entry: 22,883
Stop Loss: 22,669
Take Profit 1: 23,369
Take Profit 2: 23,696
Sell Scenario (If Rejected at 23,696):
Entry: 23,696 (Strong rejection)
Stop Loss: 23,850
Take Profit 1: 23,128
Take Profit 2: 22,883
Bullish breakout above 23,369: 78%
Rejection from 23,696 & drop to 22,883: 62%
Market remains range-bound (between 22,883 - 23,369): 40%
Final Thoughts & Risk Management
The RSI broke out of a downtrend, aligning with a bullish continuation.
Risk-reward ratio is ideal for long entries, but careful monitoring is required near 23,696.
🔥 Conclusion: Bulls are in control, but a breakout above 23,369 is key for continuation. If rejected, shorts become viable.
Note
DisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations .
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.
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.