ASI was successfully defended at 6050. But the strength of the Bulls are at check!!!

 Last update on the ASI, the expectation was to defend 6134. But it failed. Ironically the index took support at 6050. In actual fact this area of 6050 was first tested on the 30th July 2019. Once the uptrend at that time stopped to continue, the Index could not defend the biggest level of 6000 points. It took almost 4 months for the index to re-test this major area of 6000 and 6050 when both those barriers were shattered in a single run on the 18th of November. The Big day after the Presidential elections. Up until the 10th of  December the ASI was trending above this area. On the 10th the present retracement brought it down to 6050. Whilst many thought it will come down to test 6000 before any reversal, the index thought otherwise. It took hold of that major level of 6050, which was tested more than 4 months ago. Although we the humans forgot, the price action of the index did not fail to remember that major level. Is it funny or something to give credit for the Price action behaviour of the Market.  This is given in the Hourly chart I have displayed in this post. As such I tend to respect Price Action, until we see the 6000 points are tested. I also notice a mild bullish divergence in the RSI, which makes it even more important to show respect to the Price action of the index. It is absolutely important for the index to form a strong base between 6000 and 6100 before the next bullish trend continuation. Till then the strength of the bulls are under check!!!