Watching for 42-43K area

Good morning folks,

As we've suggested - retracement should be compounded and now we have clear downside AB-CD pattern with 44K target. In general overall situation is simple - it is too early to buy, as we're focused on weekly strong support of 42-43K area, but it is late to sell as market already stands at oversold.

Currently market is taking the breath as it can't go down immediately. Here we see pennant consolidation, that is potentially continuation pattern. 1H chart also has some signs of bearish dynamic pressure. Thus, we suggest no shorts and prepare to buy around 42-44K area