The price reached our target area yesterday. Today, we anticipate a short-term correction, with the index likely to decline to around 19,200 or 19,075. This correction is expected to be temporary, serving as a consolidation phase. Subsequently, the index is projected to resume its ascent, potentially returning to the previous high of 19,254 or reaching new levels near 19,400.
Caution is advised, as a sustained drop below 19,000, confirmed by the closing of a 4-hour candle, will likely lead to a further decline towards 18,905. Overall, while the outlook remains positive, traders should remain vigilant of these key support levels during the anticipated correction.
Today, there is a critical sequence of events, beginning in the morning with the release of the pivotal Consumer Price Index (CPI) reading for May, followed by the Federal Reserve's policy meeting in the afternoon. Both events are expected to have a significant impact on the market.
Tendency 19200
Target station: (19400, 19600, 19800).