The current price consolidation resembles the previous three formations which were a precursor to a price advance.
In order for the index to confirm that a new short term bullish reversal has commenced, following is required:
1. Strong candle structure i.e. large green candles that produce a shift out of the consolidation zone.
2. A break above the current range highs. This level is at 1816.
A WEEKLY CLOSE below 1735 would negate this structure.
In order for the index to confirm that a new short term bullish reversal has commenced, following is required:
1. Strong candle structure i.e. large green candles that produce a shift out of the consolidation zone.
2. A break above the current range highs. This level is at 1816.
A WEEKLY CLOSE below 1735 would negate this structure.
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