key levels to watch in the current market setup

٢٨ نوفمبر ٢٠٢٤

In my previous post, I highlighted the formation of an H&S pattern and mentioned that a rally could occur around the 23,000 level. Once that target was reached, a rebound was expected, and indeed, the market has bounced back. However, as long as the market remains below the 24,500 level on a daily close, we can expect a drop to around 21,900, which represents the 38% retracement of the recent rally. Ultimately, the market could head towards the 19,000 handle, which aligns with the 50% retracement.

Downtrends are often sharp and volatile across various asset classes, so buying into dips may not be the most effective strategy. It's better to wait for the market to consolidate at key levels before making any entries. Remember, the markets are always there, and patience can often yield better opportunities.