The market is generally in uptrend, however there is head and shoulder pattern formation on higher and lower timeframes. We will wait for completion of right shoulder as it retreces to the neck support level. Head and shoulder signify change in market trend and we can expect mild downward trend.
2 hourly as well as higher time frame charts are showing potential for long opportunities in near future. After the recent shoulder pattern there is reversal in market trend pattern as we enter the next phase.