Hello & welcome to this analysis
The index appears to be ending a wedge pattern near an Ichimoku cloud resistance with future Kumo bearish. It also has a slanting channel upper trendline resistance approaching.
The wedge would be considered broken below 17775, downside levels where it could then retrace to would be the Ichimoku Base line near 17400 and if that fails to hold it could further retrace till 16600 where it would form a Bullish Harmonic Gartley.
The PRZ of the Gartley coincides with a gap up area and the slanting channel lower trendline.
This bearish view would be invalid above 18150
All the best
The index appears to be ending a wedge pattern near an Ichimoku cloud resistance with future Kumo bearish. It also has a slanting channel upper trendline resistance approaching.
The wedge would be considered broken below 17775, downside levels where it could then retrace to would be the Ichimoku Base line near 17400 and if that fails to hold it could further retrace till 16600 where it would form a Bullish Harmonic Gartley.
The PRZ of the Gartley coincides with a gap up area and the slanting channel lower trendline.
This bearish view would be invalid above 18150
All the best
Trade active
almost near the bullish harmonic gartleyTrade closed: target reached
at the PRZ of a bullish harmonic gartley
above 16750 can expect a bounce / reversal till 17500
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.