An insider's look at the current markets
The main channel organized the general trend from the trough at 6461 to current levels, while the minor channel carried the short term upside move after reaching the main support for the main upside channel.
The index found strong resistance at 76.4% correction at 12421 which is the last key to confirm the general upside wave which will extend to far targets starting from 13000 and accordingly we need strong positive factors to support the breach above this level.
We have a number of factors that might assist the index in continuing to the upside:
Those factors will support the upside move over short and medium term basis with targets at 13000 then 13900.
Breaching the support areas among 12150 and 12080 might delay the breach and drive the index to the support for the ascending short term channel around 11700.