7 Jun 2022 ‚óŹ 04:47 AM

This is the daily end-of-day (EOD) chart of Kospi and hence it doesn't capture today's fall of 1.35% (as of now). However, the main highlight is that the Kospi index is facing resistance at the 61.8% retracement level. Given that the recent pullback from the lowest point was corrective in nature, the index can possibly resume its downtrend once the pullback is complete. As per the wave counts, wave c of Z can possibly unfold. At 2471, wave a and c of Z will be equal. On the way up, the swing high of 2686 will be an important level. On the way down, 40DEMA and 2DMA, currently pegged at 2658 and 2624 respectively, will be crucial support levels to watch out for on the way down. Weakness can creep in once the Kospi index starts trading below the key moving averages.

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