The market appears to have completed a corrective wave IV, forming an ABC structure that tapped into the key demand zone around 20,025.1. This zone aligns with previous structure support, the lower boundary of the ascending channel, and a critical trendline.
Likely scenario:
If price holds above this level, we could be witnessing the beginning of wave V, with potential targets near 20,254.5.
Wave V is expected to unfold in 5 smaller internal waves and may extend further if price breaks through the mid-channel resistance.
CRUCIAL LEVEL TO WATCH: The 20,215 area is extremely important. Price reaction here will be decisive:
A strong rejection could signal a truncated wave V or the start of a deeper correction.
A clean breakout would confirm bullish continuation toward 20,254.5 and beyond.
🟢 Key Zones:
Demand: 20,025 – 20,000
Critical Resistance: 20,215
Wave V Target: 20,254.5
Invalidation level: A drop below 19,975 would invalidate the current bullish count.
Trade Plan:
Look for bullish confirmation at 20,025 to consider long setups.
Watch 20,215 closely for signs of strength or rejection. If price breaks above it with momentum, continuation is likely.