This week could see a drop to the lower channel support buffer zone (purple lines) to test if there would still be interest in the mkt for this up move.
Do remember that this seems to be a corrective move (up) relative to the impulse move (downwards) in March. Furthermore, we are already 5 months into the laboured corrective up move, hence we can see pretty heavy selling at various levels.
If you are cautious, you can wait for the down move to begin (break of bottom channel/structural change; could be 1st signs of end of correction).
However, upward speculation could take us to 27K levels. Hence, there could be some bullish profits to be made.
If you want to stay on the bullish side , you can buy at the purple bottom channel lines and TP/sell at the red trendline. SL is placed slightly below the 2nd previous Higher-Low (all shown in chart).
*My opinion is that it may peak in Nov-Dec b4 in confluence with EOY (akin to) profit taking and other conditions including fundamentals and technicals showing up at that stage. The nitro will burn out sooner or later. Let's watch the show. Be cautious with Bulls and use guaranteed SL if your broker provides it.
Do remember that this seems to be a corrective move (up) relative to the impulse move (downwards) in March. Furthermore, we are already 5 months into the laboured corrective up move, hence we can see pretty heavy selling at various levels.
If you are cautious, you can wait for the down move to begin (break of bottom channel/structural change; could be 1st signs of end of correction).
However, upward speculation could take us to 27K levels. Hence, there could be some bullish profits to be made.
If you want to stay on the bullish side , you can buy at the purple bottom channel lines and TP/sell at the red trendline. SL is placed slightly below the 2nd previous Higher-Low (all shown in chart).
*My opinion is that it may peak in Nov-Dec b4 in confluence with EOY (akin to) profit taking and other conditions including fundamentals and technicals showing up at that stage. The nitro will burn out sooner or later. Let's watch the show. Be cautious with Bulls and use guaranteed SL if your broker provides it.
