Are you ready to navigate the turbulent waters of the stock market and make informed investment decisions? Look no further than Extreme Investor Network, where we provide expert analysis and unique insights to help you stay ahead of the game.
In a recent analysis, our experts have identified key target levels to watch in the current market environment. The first target zone is set at 2,724, marking the initial target for a rising ABCD pattern. This level may see resistance that could trigger a pullback, but if surpassed, the next target is at 2,754. Reaching this price level would complete a 250% extended retracement of the bearish correction that began from the March 2022 peak.
Additionally, our analysis points to a potential higher target at 2,815, derived from calculating the measuring objective for a bull flag pattern. The breakout for the flag was triggered after a successful test of support at the 20-Day MA, setting the stage for further upside potential. Keep an eye on a slightly earlier target at 2,797, completing a 200% retracement of a previous bearish correction.
Looking at potential downside risk, a decline below 2,692 indicates short-term weakness and could lead to a deeper pullback. The breakout level at 2,686 will be a key support to watch, as a breach of this level could signal further downside potential. Keep a close eye on the 20-Day MA, as it has been a reliable indicator of trend support since reclaiming it on August 8.
Stay informed with all of today’s economic events by checking out our economic calendar on Extreme Investor Network. Our comprehensive analysis and expert insights will guide you through the complexities of the stock market and help you make informed investment decisions. Trust Extreme Investor Network to keep you one step ahead in your investment journey.