A bit like the Dax, there has been a tussle going on between bulls and bears in this green zone, between the 3,350 and 3,700 level. On the 25x3 closing chart, it can be seen that the market twice found recent support at 3,350. Since then the bulls have pushed the market higher, but have been rebuffed by the bears on four occasions. The previous column of X's that reversed in to the column of six 0's gave an upside target of 4,175, which is now active. Note the current column of X's filled the 3,650 box, higher than the previous column of X's and giving a double top buy signal.
The less noisy 50x3 closing chart shows a slightly different picture. Here we have an as yet unactivated upside target of 4,100, although I note that this up column of X's was followed by a reversal of seven 0's (175 points) that took the index down below the base of that x column. For this target to become active, we need to see the current column of X's go higher and fill the 3,750 box. Note the red bearish resistance line. This battle should be resolved imminently!
The less noisy 50x3 closing chart shows a slightly different picture. Here we have an as yet unactivated upside target of 4,100, although I note that this up column of X's was followed by a reversal of seven 0's (175 points) that took the index down below the base of that x column. For this target to become active, we need to see the current column of X's go higher and fill the 3,750 box. Note the red bearish resistance line. This battle should be resolved imminently!
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