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Weekly Technical Update - New record high

Technical Update : New record high

JCI moved and closed below major resistance level of 6,082. Next resistance level is around the level of 6,130-6,160 which is resistance level of the mid-term uptrend channel. Support level at 5,970 is support level of the uptrend channel. The penetration of this support level will cause trend turn into negative. Based on Elliot wave approach, one of alternate wave countings is the index now is doing wave (v) which is the last wave of the uptrend cycle. The lowest level of 5,022 which occurred on December 23, 2016, was the origin level of the short-term uptrend cycle, and the highest level of 5,360 which occurred on January 9, 2017 as the peak of sub wave up (i). The lowest level of 5,228 which occurred on January 23, 2017 as the bottom of sub wave (ii). The highest level of 5,916 which occurred on August 24, 2017 as the peak of wave (iii). The lowest level of 5,774 which  is the lowest level on September 5, 2017 noted as the bottom of wave (iv) . Based on this assumption, the index now is in the process to form wave (v) which is the last wave of the cycle. The peaks of wave (v) could reach the level of 6,080-6,300 which is the projection of the uptrend channel.This wave counting automatically false if the index moves below the level of 5,749.

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