In part 1, I described that the Index, in my opinion, will be bullish for the rest of the year, as long as it doesn't breakout L3.
As the the trend is going to be BULLISH, I have used R2-S1 approach.
S1 being the lowest point of the year and R2 being the highest point of the year.
Fortunately, H5 and R2 are visually very near and it has become the target of the year.
H4 levels needed to be broken and sustained to reach H5.
H3 can provide a reversal opportunity back to CPR or L3, if there is weakness or doji pattern formation near H3.
In case, L3 is broken, there will be a huge selloff.If that happens, I will update the graph to know which levels to look for.
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Constructive criticism appreciated.
Thank You.
As the the trend is going to be BULLISH, I have used R2-S1 approach.
S1 being the lowest point of the year and R2 being the highest point of the year.
Fortunately, H5 and R2 are visually very near and it has become the target of the year.
H4 levels needed to be broken and sustained to reach H5.
H3 can provide a reversal opportunity back to CPR or L3, if there is weakness or doji pattern formation near H3.
In case, L3 is broken, there will be a huge selloff.If that happens, I will update the graph to know which levels to look for.
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Constructive criticism appreciated.
Thank You.
Comment:
H3 reached. Maybe some consolidation will happen before moving forward.
Comment:
H4 breached and sustained. R2 will be reached within a month or two.
