Unfortunately, my last post was blocked due to ads rules. It called for more upside above 1800 based on impulsive nature of the advance from 1601 to 1747. At this moment the price is likely to test 1830 level, and this area may be very important because its test could determine whether the market makes new all-time high or not.
The difficulty is that we can't be certain whether the decline from 1892 to 1601 is a motive wave (setting new trend down) or a Double Zigzag Wave (4) of higher degree, which means absolute highs are yet to be set. The daily chart looks like this:
Bottom line: We need to see the test of 1820-30 area to clarify short-term wave count. All important price levels are drawn on the chart.
The difficulty is that we can't be certain whether the decline from 1892 to 1601 is a motive wave (setting new trend down) or a Double Zigzag Wave (4) of higher degree, which means absolute highs are yet to be set. The daily chart looks like this:
Bottom line: We need to see the test of 1820-30 area to clarify short-term wave count. All important price levels are drawn on the chart.
