Continued upward pressure from 5,214 has resulted in the index trading to a new all-time high.
The four-hour chart highlights a 261.8% extension level located at 5,300. This is a common target/reversal level for an Elliott Wave count (5 waves).
Price action has formed an expanding wedge pattern that has a bias to break to the downside.
Bespoke support is located at 5,214.
Using the smart money concept (SMC), we can see a Bat formation completing close to 4,991.
Conclusion: although there is no immediate indication of an immediate change of trend, I look to 5,300 as a potential top. The first downside target would be the bespoke support level of 5,214. The medium-term focus would be on the completion of the Bat pattern at the demand zone from Feb 20 (4,991)
Resistance: 5284 (all-time high), 5300 (261.8%), 5350 (Big Fig)
Support: 5214 (bespoke), 5025 (bespoke), 4991 (Bat)
The four-hour chart highlights a 261.8% extension level located at 5,300. This is a common target/reversal level for an Elliott Wave count (5 waves).
Price action has formed an expanding wedge pattern that has a bias to break to the downside.
Bespoke support is located at 5,214.
Using the smart money concept (SMC), we can see a Bat formation completing close to 4,991.
Conclusion: although there is no immediate indication of an immediate change of trend, I look to 5,300 as a potential top. The first downside target would be the bespoke support level of 5,214. The medium-term focus would be on the completion of the Bat pattern at the demand zone from Feb 20 (4,991)
Resistance: 5284 (all-time high), 5300 (261.8%), 5350 (Big Fig)
Support: 5214 (bespoke), 5025 (bespoke), 4991 (Bat)
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.