The index seems to be taking support from the weekly flag and expanding triangle on hourly chart.
The Fibonacci resistances are given on the chart and can serve as targets. And if it closes above 0.618 Fibonacci resistance which also happens to be flag resistance, we could see an all time high with another leg of the the bull run.
SL should be below the support trend line. The risk to reward seems favorable.
Also, considering the fundamentals the market seems to be slightly bearish, so wait for a weekly bullish reversal and other confirmations to go long.
The Fibonacci resistances are given on the chart and can serve as targets. And if it closes above 0.618 Fibonacci resistance which also happens to be flag resistance, we could see an all time high with another leg of the the bull run.
SL should be below the support trend line. The risk to reward seems favorable.
Also, considering the fundamentals the market seems to be slightly bearish, so wait for a weekly bullish reversal and other confirmations to go long.
People who wish to ride the bull run can enter again once there is a breakout from the flag (with substantial volume) or can keep a strict SL now