To be honest, today's market has quite a dramatic feel to it.

Although the overall sentiment is rather average, the bulls clearly became more active in the afternoon, making the market look like it's gearing up for a 'breakout'.

I personally reduced part of my long position around 112300 when it rallied, and reducing a bit more at 118000 is very likely, mainly because I'm worried that this level might be used by the main players to trigger stop losses.

If the market fails to break above 118000, it could very likely lead to a '15-minute waterfall', in which case reaching 121800 seems unlikely. Instead, this drop from 118000 might turn into a decent medium to short-term setup.

The script is still about judging the direction based on sentiment:

If the sentiment holds, we continue to look for an upward push to 121800;

If the sentiment worsens, we can expect a pullback to around 114400, or even 110800.

For those who prefer a more cautious approach, you might consider lowering your orders in the support zone to maintain some rhythm.

Support below: 110000-111000

Resistance above: 121788-122788

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