Weekly chart:
The big picture is showing a valid downtrend with a correction zone between 17372 points and 18074 points. In the meantime, the price has recovered so much that it has even been able to reach the correction zone again. Now it remains to be seen how much power the buyers still have.
Daily chart:
In the daily chart, the downtrend also cannot be overlooked. The upper limit of the correction zone was already tested last Friday, but could not, however, be overcome. If this should happen, this trend would be broken and we could focus on a new uptrend.
Hourly chart:
By now we can see a new, valid uptrend in the hourly chart, which is currently beginning a correction. Ideally, the price will correct to the last point two at 17627 points in order to then pick up a new movement once again. With a stop beneath the correction zone at 17590 points, one could speculate on this new movement.
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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