I previously mentioned that a broader market correction was highly likely, predicting that after the market coiled within the 95k-100k range, a downturn would be inevitable. The correction was expected to bring the market down to around 75k.
As we’ve seen, the market fell to 78k but has since rallied back to 92k. However, for the market to regain renewed momentum and strength, it would need to close above the 95k level. If that happens, there’s a possibility that the market could test the 108k range once again. On the other hand, if the market fails to break and hold above the 95k mark, sellers are likely to return, leading to a potential retest of the 75k level.
As we’ve seen, the market fell to 78k but has since rallied back to 92k. However, for the market to regain renewed momentum and strength, it would need to close above the 95k level. If that happens, there’s a possibility that the market could test the 108k range once again. On the other hand, if the market fails to break and hold above the 95k mark, sellers are likely to return, leading to a potential retest of the 75k level.
Trade active
just as I thought, market is still in downward pressure and we should look at the retest of 75,000 in the coming sessions, we could see market ranging between 75,000 and 95,000 over several session until the levels mentioned are breached. a break of 95000 will take markets to 108,000 and 125,000, a break of 75000 will take markets to 48000
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Do what others don’t know, and don’t do what others know.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.