Weekly chart:
In this trend size we can currently see a downtrend that is clearly in a correction. By now, even the 20 SMA from the monthly chart has been overcome and we are approaching the lower limit of the current correction zone.
Daily chart:
In the daily chart we can see the same trend. Here, too, we are also slowly getting closer to the current correction zone. This runs between 2056 and 2019 points. It is highly doubtful that enough sellers will step onto the playing field there in order to pick up the downtrend once more, since the current correction exists as part of a subordinate trend. Possibly, this will then soon become the main trend.
Hourly chart:
Due to the current rise, a new trend has asserted itself once more; this time it is an uptrend. This uptrend, in turn, is currently in a movement, whereby, due to the next correction, the opportunity to jump onto this long train presents itself.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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