Hellena | DJI (4H): Long to the resistance area 39156.49.

Dear Colleagues, I suppose that the price has started the wave "5" of the higher order. At the moment I expect a correction in wave "2" of lower order, then I expect the beginning of wave "3" with the aim to reach the resistance area 39156.49.

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Comment:

There is still a high probability of corrective movement in the lower order wave “2”. The 37914 level is slightly below the 50% Fibonacci Level, but it fits the wave theory.

Comment:

Dear Colleagues, Price has reached the support area 37914. From now on, I consider only long positions to the 39156 area.

Comment:

Colleagues, in the coming trading week I expect the uptrend to continue and update the local high of 38558. I assume that wave “3” has started its development.

Comment:

Colleagues, the price has not yet updated the local high, but I believe the gap is already closed. Therefore, a small correction is possible.

Comment:

Dear Colleagues, perhaps the price will update the low of 37771 and it will be an updated wave 2. This means that we have an opportunity to enter a long position again.

Comment:

Price is pushing away from the 38458 area as resistance. This means that now the main target is to update the local high of 38536.89. Therefore, I expect the week to end within the forecast range.