Analysis made with traditional Elliott wave theory, we failed again to break 10.5k, worst news (for bulls) is we didn't even get close and this time got rejected at 10.1k which creates another lower high compared to February 2020.
Now the downtrend is still intact, despite the recent attempt to break a big resistance (descending triangle). We can safely say the bulls are now either selling or placed in the recovery position, praying it is just a bad dream...
Therefore 5.5k looks obvious, with a safe estimate to be achieved around July-August this year.
5.5k is a quite conservative target I believe. The most ambitious traders will aim at 3.5k (lower low compared to March 2020).
Because it needs to be done, Stop Loss set @ 10.8k.
Best of luck everyone
Now the downtrend is still intact, despite the recent attempt to break a big resistance (descending triangle). We can safely say the bulls are now either selling or placed in the recovery position, praying it is just a bad dream...
Therefore 5.5k looks obvious, with a safe estimate to be achieved around July-August this year.
5.5k is a quite conservative target I believe. The most ambitious traders will aim at 3.5k (lower low compared to March 2020).
Because it needs to be done, Stop Loss set @ 10.8k.
Best of luck everyone