Rejection - again from DMA200 and the macro trend line.
Move up from Oct 13 is in clear three waves, therefore I assume a corrective advance, the trend continues to the downside.
So long the daily structure - an assumed expanding diagonal is valid. To comply with EW rules, the fifth wave should be longer than the third wave. In order to achieve that, index must test 3300.
Please also refer to the linked idea below.
Trade safe
Move up from Oct 13 is in clear three waves, therefore I assume a corrective advance, the trend continues to the downside.
So long the daily structure - an assumed expanding diagonal is valid. To comply with EW rules, the fifth wave should be longer than the third wave. In order to achieve that, index must test 3300.
Please also refer to the linked idea below.
Trade safe
