The breakout above 10000 which was the 127 extension of the
minor ABCD, somewhat aligning with the major ABCD's D-level,
has quickly taken index to the next major resistance level,
Yearly R2 and Monthly R1 (slightly above). This level is also the 127 extension
of the major ABCD. If we see a weekly close above Yearly R2 and
Monthly R1, it will just add to current bullish bias. Above resistance
is 161 ext 11480, Yearly R3 at 12200 abd then a cluster at 13000-13250.
A weekly Red close below Yearly R2 may give a correction towards
Yearly R1 at 10460 and lower the previous consolidation high around 10000.
minor ABCD, somewhat aligning with the major ABCD's D-level,
has quickly taken index to the next major resistance level,
Yearly R2 and Monthly R1 (slightly above). This level is also the 127 extension
of the major ABCD. If we see a weekly close above Yearly R2 and
Monthly R1, it will just add to current bullish bias. Above resistance
is 161 ext 11480, Yearly R3 at 12200 abd then a cluster at 13000-13250.
A weekly Red close below Yearly R2 may give a correction towards
Yearly R1 at 10460 and lower the previous consolidation high around 10000.