Early Signs of Bullish ExhaustionProbable Price Structure Analysis of KOSPI TVC:KOSPI
🟢 Bullish Scenario
There is no setup for a confident bullish move. It seems like a bullish exhaustion phase in the index. For a bullish scenario, the price needs to give a proper breakout above the strong resistance zone (SRZ): (8500 - 8250). If the price sustains above SRZ, then weak bullish moves can be expected till the levels - 8750 and 9000.
🔴 Bearish Scenario
Presently, the price is in an indecision zone. There is a strong support zone (SSZ): (7750 - 7500). If the price decisively breaks down below the SSZ, then the index would enter a proper bearish zone. In that case, bullish sentiment would be totally exhausted. The level of 7500 is the neckline of the probable head-and-shoulder (H&S) pattern. The probable bearish targets below the level of 7500 would be - 7250 and 7000.
⏺ Range of Consolidation (ROC): (8500 - 7500)
Here, the level of 8000 is the median of the ROC. The median works like a sentiment. The price trading above the median would offer bullish sentiment, while the price trading below the median would trigger bearish sentiment.
● Disclaimer + End Note
➤ All the analyses would fail in the case of a major gap up, gap down, or price structure anomaly. Thus, practice PRAGMATISM in the live session.
➤ Trade only if there is a set-up. Remember, not trading is an extension of the trading activity.
➤ Mark your points. Trade your points. Price is GOD. Anything can happen in the markets. Thus, trade what you see, not what you believe.
➤ Always PRACTICE RISK MANAGEMENT. Always PROTECT YOUR CAPITAL. Be RESPONSIBLE.
➤ Be Strategic. Be Courageous. Be Patient. Be Wise.
➤ Every day is a new day. Thus, do not carry the baggage of past successes or failures. Leave the gardens of winning and losing. Establish yourself in equanimity. Always think from a new perspective.
➤ Let the joy of trading drive your effectiveness, not greed or fear. Believe in Possibilities.
Happy Trading!
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