Summary
· The Index posted a bullish price action yesterday and managed to remain within the boundaries of the rising channel.
· Yesterday low was at the 38.2% Fibonacci retracement level of the move from the 2,921 low to the 3,836 high
· Also, from an Elliot wave perspective, yesterday low could end up being the bottom of wave 4. If this was the case one should expect a minimum move higher towards the cycle high at 3,836.
Strategy: Buy at mkt, target 3,830 with a stop at 3,480 (daily closing basis)
Daily chart
