Description
our main outlook remains focused on the upward movement within the impulse of the larger wave “5.”
We expect wave “4” to unfold, as the bulls need to consolidate strength before attempting to update the local high at 6512.
It is especially important to note that the 6600 level is a round number, which often serves as a magnet for both buyers and limit sellers.
We remind you to manage your capital prudently and to take positions only on the basis of reliable patterns.
Progress on the way
The price has been developing within the correction of wave “4.” We believe this is the time to consider long positions, if limit orders have not yet been placed. However, we caution that the price could decline toward 6280, since the correction is unfolding as an “abc” structure, and the current move resembles wave “a.”
Note
The 6513 level has been surpassed, and we believe the upward movement continues. At the same time, the market environment appears complex, and the price may still cover a considerable distance, which could result in positions being closed earlier than expected.
At this stage, we recommend adjusting trades to breakeven.