Looking up

The broad market held well above 4417 yesterday which I was watching to see if the bulls had control. So it seems they do at the moment holding the previous day's high levels quite convincingly. So where do we go from here?

The pivot level at 4367 still holds key in my opinion. That level must hold or further weakness becomes a higher possibility. If the level at 4367 holds on a dip which I believe may occur as a three wave pattern down (micro chart), then that will set the pattern up nicely for a nice rally beyond 4500. If market rallies off these levels nicely beyond 4500, the rally to 4800 becomes a high possibility.

I am watching a possible three wave B pattern up from the recent lows as an alternative. Hence 4500 is another key level which if fails will bring about a C wave possibility to the 4200 levels. 

Again price action remains the key driver for risk management rather than anticipating a potential move to be on the safer side.

Disclaimer: Please kindly do your own due diligence as this is a sharing article and in no means financial advise. I am just sharing my opinions and thoughts.

Thanks for reading my commentary. Hope it helps!

Stay safe! 😊

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