Elliott Wave Progression:
The chart indicates a completed 5-wave Elliott Wave progression.
Wave 3 had peaked at 2,702.967, and a corrective phase has begun, following the completion of Wave 5.
An ABC corrective wave is likely in progress, where price will retrace toward support levels before resuming its next move.
Fibonacci Retracement Levels:
The retracement is expected to hit key Fibonacci levels, which act as support areas during corrective waves:
0.34 level at 2,698.043
0.5 level at 2,681.565
These levels act as potential reaction points where buyers could step in for the next bullish wave.
A further critical support lies at equilibrium (2,645.655), which represents the 50% retracement of a prior bullish leg.
Break of Structure (BOS):
On a higher timeframe, there was a Bullish BOS, indicating that despite the current corrective phase, the overall bias remains bullish in the long term.
The corrective move should be seen as a retracement, where price seeks equilibrium before continuing its trend.
Order Blocks & Liquidity:
A bullish order block is identified just below 2,645.655. If price reaches this level and holds, it could serve as a solid base for another bullish leg.
Short-term Outlook:
A correction toward 2,645.655 is likely before resuming the uptrend. However, if price fails to hold above 2,604.390, deeper corrections could occur, invalidating the bullish setup.