4101.25-4120.50 is acting as a major Support. It has been holding for a month. Breaking this will generate another wave of selling. Primary trend is still up with a swing pivot low at 4120.50 and newly develop swing pivot high at the ATH of 4238.25. A break of that swing pivot low at 4120.50 will terminate its Daily chart primary trend and switch to a secondary short term Sideways trend. Keep in mind that the Weekly primary trend is still intact and this is just a Secondary short term SW trend if it closes below 4120.50. If the day today closes above 4156.25, then tomorrow I'll be looking for a break of the then newly formed pivot swing low of 4103.75. My eyes are locked to the 4033 area to go long for a short term trade. My full bullish bias wont kick in until it drops to 3950 area.
Trade chiuso: obiettivo raggiunto