The expected Weekly false thrust down mentioned in the last review didn’t prove right, as the market declined much further, closing the Weekly bar below the short term sentiment 8 EMA line, bearish.
However, the market still didn’t negate the current Weekly bullish setup to reach the 18800 level area. As long as the Monthly Low at 17297 is still being respected, this bullish setup is still valid.
On the other hand, taking out the Monthly Low at 17297 is a bearish setup to reach the 16600 level area, the mid Quarterly range.
Since the current daily range has a potential bearish setup within(sketched), I recommend relying on an inner range signs of strengths only for inner range targets. In order to join the midterm bullish setup towards 18800, It is better to wait first for the Weekly swing high at 18012 to be taken out.
Here is the Daily chart, with the main support and resistance levels.
Disclaimer: Anyone who takes action by this article does it at his own risk and understanding, and the writer won’t have any liability for any damages caused by this action.