Current Sentiment: Bullish

Support 1: 156.91                Resistance 1: 165.98

Support 2: 151.61               

Visa strong bullish sentiment is further echoed by the strong bullish minuette wave count of the Elliott Wave and yet the market has not finish the whole of minuette wave count. Currently we are heading into the corrective wave 4 and yesterday market perform exceptionally well when the market has successfully formed a morning star pattern on the 1^st immediate wave 4 retracement at 23.8% of the Fibonacci retracement. However, the market may  correct itself further into either the 38.2% or the 50%(maximum area where wave 4 can retrace to) Fibonacci level but based on the technical factors presented, we are convicted of the next bullish rally after the corrective wave.

• Prices is still trending above the 200 Simple moving average.  
• Strong area of demand confluence with 38.6% and 50% of the Fibonacci retracement, a traditional area where price will have a rebound after the wave 4 movement. (Should the market retrace)
• Base on the momentum shown in the Stochastic Oscillators, the stochastic K and D line are preparing to perform a cross and should it happen, it means that the bull will resumes its move.
• Bullish flag formation, a signs of continuation of the bullish trend.
• Morning Star formation above the 50 Simple moving average.

*There are two trade idea as mention as both spot entry and buying at dip shows equal promising factors. However, traders should exercise caution when buying on spot.  

*Should the market broke and trade below the 50% Fibonacci retracement level for 3 consecutive trading days, then the whole minuette wave of the Elliiott wave will be obselute, new analysis will be needed.

CHART LEGENDS

Red line = 200 period moving average, Blue line = 50 period moving average, Green line  = 22 period moving average