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