The big picture is showing a valid downtrend with a correction zone between 17354 points and 17906 points. By now, the price has landed in this correction zone, but the index has not yet been able to decide on a clear direction. The 20 SMA from the monthly chart is still providing support from below.
We can see a nice uptrend in this trend size. The last correction led the index exactly back to the last point two, where it found additional support in the form of the 20 SMA from the weekly and monthly chart. Now the price is clearly in a movement once more and is attempting a breakout above the last point two. Here, the short-term chances are clearly located on the upper side.
The past few weaker days have produced a downtrend in this trend size, which is currently in a movement. The last correction zone reaches from 17716 points to 17794 points. As long as this zone cannot be dispelled by an upwards movement from the closing price, I would be careful with long entries.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Head of Sales/Trading
AgenaTrader Trading Software
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