Index passed through significant resistance this week seemingly without
any hesitation. No pausing or bounce at all. The resistance was Monthly R1,
previous top from Sep 19, and the 61,8 fib level of the CD leg. The channel
has given some resistance. On fri we saw a doji above weekly R1. The weekly
close above R1 suggest more gains next week and a probable test of next high
at 10045 level. As of now, chances are very good that the D level will be reached in
december. If the doji low is taken out we might see a slight correction here,
and 9815 stands out as the natural support area. If the doji high is breached before the
low upward continuation is likely. Resistance on weekly timeframe is the Yearly R1 at 10327
and a Pitchfork band at the same level approximately. Note that the 127 swing expansion
of the Sep high and Oct low comes in right at the Yearly R1 as well.I have also marked the
10840-930 area in red here, which is a fib expansion confluence zone (Sep-Oct 161exp &
161extension of CD leg) with the pitchfork quartile (red trendline).
any hesitation. No pausing or bounce at all. The resistance was Monthly R1,
previous top from Sep 19, and the 61,8 fib level of the CD leg. The channel
has given some resistance. On fri we saw a doji above weekly R1. The weekly
close above R1 suggest more gains next week and a probable test of next high
at 10045 level. As of now, chances are very good that the D level will be reached in
december. If the doji low is taken out we might see a slight correction here,
and 9815 stands out as the natural support area. If the doji high is breached before the
low upward continuation is likely. Resistance on weekly timeframe is the Yearly R1 at 10327
and a Pitchfork band at the same level approximately. Note that the 127 swing expansion
of the Sep high and Oct low comes in right at the Yearly R1 as well.I have also marked the
10840-930 area in red here, which is a fib expansion confluence zone (Sep-Oct 161exp &
161extension of CD leg) with the pitchfork quartile (red trendline).