Weekly chart:
Even after the last significant increase, the downtrend is still intact, only that now the price has arrived in the current correction zone. Now it remains to be decided whether the downtrend will continue or be broken.
Daily chart:
In the daily chart we can see the same trend. Here, too, we have also landed in the correction zone. The upper limit of the correction zone lies at 2109 points. As long as this zone holds, we must assume that the downtrend will continue. However, if the marker at 2109 points is broken by the closing price, then the previously corrective uptrend could assert itself as a primary trend.
Hourly chart:
The current correction in the superordinate daily chart is passing through the hourly chart as an uptrend. This is currently located in the correction and is showing the first signs of continuing. For this week, the chances are more on the upper side, whereby a sharper correction should still 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
Sales partner AgenaTrader/TradeEscort
AgenaTrader Trading Software
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