Looking at the recent rise, we expect the rise to continue in the coming period on the index to end wave C of the larger wave (2), targeting prices higher than 27.05 in the medium term to end the wave.
It is now trading within the framework of a corrective pattern – regular flat – in that the wave (2), which is targeting, and may extend, provided that the critical limit is not breached at 30.64.
In the daily range, the decline watched as wave (1) of ((A)) of II, now the index in wave (2), critical resistance at 30.64, key level at 24.18
We are now witnessing a corrective wave ((2)), after the end of the wave ((1)) at30.64, to target 61.8% retracement at 15.89 and 78% retracement at 13.26 the decisive limit that cannot be penetrated is 10.46
Coming closer to the weekly range, we have a complete 5-wave advance for wave ((1)) of V, now we expect the index to correct in wave ((2)).
The decline from the 2008 high watched as wave IV correction, we have a complete zigzag completed at 10.41, from this low of wave IV, we expect a new high above wave III in wave V.