The bulls and bears continue to fight out the recent trading range between 6055 and 5860. Yesterday' s end of day candle bar on the daily chart clearly shows indecisiveness in the market. We did sell off but the buyers came in right on cue during the last 1.5 hours of trading as per my report.
I mentioned earlier this week that the complicated wave structure of this current sideways move points towards correctional behaviour with higher prices on the way. The long term market is also technically positive and if we look at historical data a period of uncertainty within a bull market often leads to higher prices.
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