Stops to watch out for at:
a - 9500 direct shot (aligned with SEPT-NOV lows trend - red dotted)
b - 7800 correction
c - neckline retest + confirmation?
d - technical target 12300
c - failure here (aligned with Dec-17 and Jan-6 downtrend - bold blue)
e - bear market
Further trying to build iH&S, on weaker tension
Target on confirmation remains the same - ^c - downtrand resistance from Dec-17 and Jan-6
Currently stopping at the important 200 daily EMA (purple curve). A break up would add even more credence to our view.
WHILE on the macro view being cautious - the 200 EMA first time since long time getting bearish direction! Which adds strong to all stop at 12.5k's target resistance.
First closings above 200D EMA.
Two hourly tests of the neckline and rebounce from EMA.
Party call near ...
Rejection of the neckline.
Retest of the broken January downtrend resistance.
Confirmation of the neckline.
Next repetition targets in the 9500-9600s.
Next resistances in the 10100-10250s and 11800-12200s.
New support in the 8750s.
WHILE: further the whole MACRO view looks BEARISH until a convincing 12-14k upbreak!