After recording the bottom over medium term basis at 80.07 the index started an upside correction which reached the 38.2% correction around 83.30 which forced the index to decline towards 23.6% which is strong support for the index. 
Fluctuating among those levels helped the formation of a bullish pattern with the neckline at 83.30 which will push the index higher to continue the correction. The 200 Days MA meets with the 23.6% correction and adds strength to this level protecting the short term wave and therefore we support the likelihood for further bullishness enabling the index to breach the neckline mentioned activating the upside pattern. Targets start at 84.40 followed by a correction to gather momentum targeting 61.8% around 85.40. The proposed bullishness remains valid as far as no daily closing is recorded below 82.10.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com