Learning from last Week: (click here for the previous post)
- After triggering a 3 Inside down, on the weekly charts, Bears drive down to the Day channel's bottom #D1.
- Bulls have History on their side #M1 & #M3, and Day Channel Support #D1, for a resumption of the Bull run.
Support & Resistance:
- 5 EMA on the Weekly charts (2080) was the resistance that Bulls could not clear, while the Bears could not break below the Day Channel Bottom #D1.
- The all important, 5 EMA and 13 SMA, on the medium term screen, poised to cross Bearishly or deflect Bullishly this week #D1.
- RSI 13 is well into the 50s #W2.
Bears hit the support #D1, after falling with the 3 inside down #W1.
Bulls halt the fall and hold on to a Higher Low on the EOD #D1.
Looking forward into this Week:
- 5 EMA on the Weekly charts (2071) is the resistance that Bulls want to stay above, while the Bears would look to break below the Day Channel Bottom and the 200 SMA #D1.
- The 5 EMA and 13 SMA on the Week Charts, would cross Bearishly this week if the index closes below 2040 #W1.
- TSI, taking support on the 60.8% Fibonacci retrace, would hold some cheer for the Bulls #M2.
Bulls trust History #M1 &#M3, and the Day Channel's Bottom line, to get back to the All time High (ATH).