Weekly chart:
The index is still in a valid uptrend, but is, however, currently diving very deep into its correction zone. This zone goes all the way up to 1973 points, whereby at approx. 1980 points, the 20 LP from the monthly chart passes through. This prominent line will most likely draw the price even closer to it, but then also attract enough buyers back into the market once more.
Daily chart:
Currently, in this trend size, a stable downtrend that is far into the movement has arisen. Here, too, the 20 LP from the monthly chart will probably provide an initial target. But a return to the red correction zone must always be taken into account.
Hourly chart:
The downtrend in the hourly chart is already very mature here and is once again in a beginning movement. Despite the maturity, a run-up to the 20 LP from the monthly chart must be reckoned with.
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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