The current wave progression is characterized by a very distinct geometrical relationships that are typical for a corrective move. Price is hovering around current Weekly Pivot level and the main technical support level is still providing a support for the price. As long as the level of 1775 is not broken, the main bullish count is still intact and one more high is being expected in the index before any meaningful correction will happens. On the pother hand the alternate count is on the chart as well with a possible top at the level of 1892 but it is not confirmed on the lower time frames.
Support/Resistance:
1899 - WR3
1892 - All Time High
1882 - WR2
1866 - Technical Resistance
1839 - WR1
1834 - Key Level
1822 - Weekly Pivot
1800 - Technical Support
1778 - WS1
1775 - Invalidation Level
1762 - WS2
Trading Recommendations:
Buy the dips in anticipation of one more high in the index.
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