The stock index has reached the initial target band of 85,000-85,500 during the recovery process that started from the level of 76,600. Currently, it is progressing towards the trendline in the range of 88,000-89,000, which is the second target. Analysts state that if the index shows a strong stance above the level of 85,800 at the beginning of the week, an upward movement towards the trendline is possible. However, if it cannot maintain above the level of 85,800, there is a possibility that the index will retest the support zone of 82,000-83,000, and if this level is broken, it could retract to the 79,000-80,000 band. Such a pullback may cause investors who followed the rise to liquidate their positions.
From a technical analysis perspective, it is stated that the index is approaching the end of the fourth wave consolidation and that this process is expected to be completed within 2-3 weeks. Following this consolidation, it is likely that the market will gain momentum with an upward movement. According to Elliott Wave Theory, the fourth wave is generally a corrective phase, and the fifth wave that follows represents a strong movement in the direction of the trend continuation.
It is important for investors to closely monitor trendline breakouts and support-resistance levels. In particular, in the event of a trendline breakout, significant signals can be obtained regarding the direction of price movements.
As a result, the current technical outlook of the stock index indicates that an upward movement may begin after the completion of the fourth wave consolidation. It is recommended that investors prioritize risk management by tracking critical support and resistance levels and update their strategies according to market dynamics.
Note: The information contained in this article is never investment advice but is intended for accurate and up-to-date information purposes. STAY AWAY FROM SPECULATION FOR REAL, SCIENTIFIC ARTICLES❗️ Be sure to do your own research❗️
