An event is nearby and the markets are doing what it does – come and rest at support/resistance. And its supports this time.
See the number of times this band has been test. Umpteen times from below (resistance) and now the third from the top (support). A classic case of Resistance turns Support structure.
Now – the million dollar Q is – what will the markets do ?
Well, we can only wait and watch and react after the markets decide what it wants to do. To do anything before that would be harakiri if markets decide to go against your position.
Chart below. For a larger chart, click here or on the image below.
Earlier too I had posted a DJIA view which you can find here. Worked pretty much according to my view. Lets see what this time the markets would do – big event, big move in the offing whichever side it decides to move.
Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.