The index pushed itself back up to its all-time high in recent months. At the beginning of November, it briefly reached a new high. Since then, it has consolidated with a low degree of fluctuation below it. We will interpret the price action as a clear bullish pressure build-up. Our main scenario envisages a direct approach to the all-time high and expects a sustained breakout above it.
We expect a significant and longer-term consolidation only if the 4350-point mark is broken. If so, this could trigger a “C wave” down to the 3700-point range.
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