Here we can see the market is not quite ready to resume the underlying impulsive uptrend. We have an two opportunities; firstly to load more 'cheap' entries on this correction and secondly to load on the break of the 13,000 highs.
If this is an incomplete ABC which can pullback as far as 8982.58, this will be the area to track for any signs of a reversal formation. We also have the 50% as support capping anything below the base. On the other side of the coin, bulls need above the 13,000 highs to resume the uptrend. Anything above is worth adding more bullish exposure on the break.
To put simply, here actively adding more exposure as we get nearer 9,000 and will need to reassess my thesis is we break lower than 8,500.
If this is an incomplete ABC which can pullback as far as 8982.58, this will be the area to track for any signs of a reversal formation. We also have the 50% as support capping anything below the base. On the other side of the coin, bulls need above the 13,000 highs to resume the uptrend. Anything above is worth adding more bullish exposure on the break.
To put simply, here actively adding more exposure as we get nearer 9,000 and will need to reassess my thesis is we break lower than 8,500.
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