All short, medium and long term trend lines for bull are intact after 3 days pullback.
Technically I think the pullback can be considered as the the correction waves (a,b,c) of the 1st wave of the wave 5 of wave 3/3/3/3.
In the 5' frame it seems that a double bottom is in forming and if the market can continue bouncing from here, my 1st target would be 1401.48 or 0.61% for today or intraday.
Cautious bull will not rule out the possibility that one lower low may be seen because from the 5' frame also seems that a falling wedge is in progress. The falling wedge is a reversal pattern therefore a lower low is a chance to buy.
2 comments:
Hi sir.
What do you expect for the next week.
Gap up monday and new highs or more consolidation early in the week and push higher end of the week?
Have a nice weekend.
Carlos Júlio,
I think we may see some sort of
consolidation or a slight up next Monday. I don't see any sound reason
for a big-gap-up or down.
You too, have a nice weekend.
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