Market has completed a 5-wave trend (Impulse wave) that started on 29 January 2021. The 24 February high at 32009.6 has reached the price cluster consisting of the 38% Multi-section alternate price projection, 62% alternate price projection of wave 1, and the 127% to 162% external retracement of wave 4. This bullish bar is also one bar way from the 25 February time zone that is a projected for a high. Weekly and daily momentum are bearish overbought.
Strategy:
Go short with stop loss at 32009.7.
if price continues the decline, we can expect at least a bearish retracement that should last until 4 March 2021 (38.2% time retracement zone.
