Weekly chart:
In the big picture we can currently see a young, valid uptrend with a correction zone between 16663 and 15799 points. The current progressive low of this trend is at 17008 points. In the last trading week of the past year, the index showed its weak side again, which could indicate a continuation of the correction.
Daily chart:
In the daily chart, we do not have a valid trend. After the break of the short-term downtrend at 17641 points, the index has been unable to form any newer high yet. This is why one should be careful with long trades, since a break in the trend would still be far from ushering in a new trend.
Hourly chart:
In this trend size, the last few weaker days ensured a downtrend, which is currently in a movement. The last correction zone stretches between 17355 points and 17498 points. If the price runs back into the last red correction zone, one could enter a short trade from there.
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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