Weekly chart and a clearly defined rising peaks as well as troughs  defining the uptrend ever since the breakout.A must hold support level, for this uptrend to be still considered in effect is also shown at approx. 1450 level.We are seeing a consolidation  at current levels( see top box) after hitting the overbought line of the channel.A corrective in nature, this consolidation is likely to be in effect until the moving average and/or the demand line of the channel is tested.Divergence in RSI at the bottom window suggests further downside pressure in the short term is likely.This is just a short term correction at the early stages of the bull run that we are in.

Chart is courtesy of


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