TESTING THE PIVOTAL AREA, WHICH MIGHT END IN A CORRECTION.
The bullish view to T1/T2* has largely materialised and the technical possibility of a meaningful W,X,Y correction is increasing.
Cluster resistance at L/T1/T2 is confirmed by overbought and diverging RSI conditions (D).
The index is also completing the 1,2,3,4,5-bull trend around the indicated target area.
Resulting view: Interim limited upside potential should give way to a meaningful W,X,Y bearish correction to at least S2 and possibly M*. The larger bull trend can re-emerge on the completion of an overdue corrective phase.
A break below S1* will confirm the downside.
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