Price Action Analysis: Daily Timeframe
Market Bias - Bullish Market Bias
1. After the Morning Star formed atop of the Support & Resistance Zone, price action rallied from it, then went into immediate, tight consolidation.
2. An Inside Day indicated a pause to contain the consolidation within its high at 38,818 and low at 38,214. Breakout is from one of these ends.
3. A Shooting Star showed up at the high level of the Inside Day for price action to drop with a Hammer, and through consolidation, to form a new S&R Zone and another Inside Day.
Prediction: Price action is likely to rise from the S&R Zone to break out of the Inside Day's high at 39,114 and head towards the Swing High of 40,054. A W-Shaped pattern is forming.
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