After printing the A-level, we had a further correction below the 0-level, printing the B-level of the ABC-correction
The index tried to push back higher towards the A-level but did not succeed completely. The index fell back to the B-level, thus printing a double bottom and reacting bullish today on retesting the B-level. This indicates that the will of the bulls to take back power is present and we can foresee a move at least towards the A-level.
Yesterday's candle close was just above the shoulderlevel. Today the price retested the shoulderlevel and kept pushing higher. We remain bullish until the neckline.
Continue to act with caution : we are still in a bearish trend. If somewhere down the line there is a lack of confidence in the market, price may reverse quickly. Remark : the index did not correct the one impulsive bearish candle yet, not even after 14 days. Bulls try, but are not convincing yet.
