Although, the hypothesis is still developing, but there are few elements of technical analysis that hint at this becoming a good set-up for an up-move:
Pros:
1) Elliot wave analysis reveal corrective wave might be near completion
2) Positive divergence on hourly charts
2) Long-term trendline, Fibonacci level offer good support at 10.7 levels
3) Long-term multiple moving averages seem to support the up trend going forward
Cons:
1) Overall markets may further correct to 14,500 levels, where there seems to be a strong support and this correction might have a drag effect on general prices
2) The pattern might still be developing
Possible strategy - Enter with stop-loss at or below 10.3 levels, with a target of 13.5-13.7 and further to 15.5 levels, if the up-move gathers strong momentum.
Disclaimer : This analysis is purely for educational purposes and in no-way should be construed as an investment advice.
Best,
NS
Pros:
1) Elliot wave analysis reveal corrective wave might be near completion
2) Positive divergence on hourly charts
2) Long-term trendline, Fibonacci level offer good support at 10.7 levels
3) Long-term multiple moving averages seem to support the up trend going forward
Cons:
1) Overall markets may further correct to 14,500 levels, where there seems to be a strong support and this correction might have a drag effect on general prices
2) The pattern might still be developing
Possible strategy - Enter with stop-loss at or below 10.3 levels, with a target of 13.5-13.7 and further to 15.5 levels, if the up-move gathers strong momentum.
Disclaimer : This analysis is purely for educational purposes and in no-way should be construed as an investment advice.
Best,
NS
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.