Monthly: The most important factor in this timeframe is indecision. This can be highlighted by nearly four months of Inside Soldiers or Harami candles (if we close around current levels at the end of June)
Weekly: Posted a Bearish Outside Week (week 29th January). This is often an indication that a top is in place. The indecision highlighted on the monthly chart has resulted in a symmetrical triangle being posted on the weekly chart. After a strong initial selloff (26670-23055) this has a bias to break lower. It could also be seen as a bearish flag or pennant formation. A measured move target is 22180
Daily: Broken out of the wedge formation to the downside. This has a measured move target of 23460. Yesterday’s price action posted an indecisive Inside Day. This indecision could continue and there is scope for a mild correction higher. As long as the index remains outside of the wedge and below bespoke resistance at 24930, we look for lower levels.
