On the weekly timeframe, we can identify a very choppy structure, which can be labeled as a double three formation. The highlighted yellow zone marks the upper and lower boundaries of the correction.
The price is indeed trading above 20/50/100 EMA. But 200 EMA is acting as a strong supply zone. So, breaking out from this level makes it more convenient for confirmation.
Note: Complex corrections are time-consuming and choppy, unlike zigzags.
The first and most crucial resistance range lies between 171 and 183, as these levels represent the core of the corrective structure. Bulls cannot ignore this zone before the formation of the primary wave X (red).
It may be too late for bottom fishing now. Pullback can provide the opportunity. The realistic opportunity at this stage is to buy upon the breakout of the hurdle wave.
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