IMPULSE WAVE

This wave looks like a IMPULSE wave indicating short term bottom is in place as it is gaining strength and overcoming resistance. However, with today's gap up we will be in overbought region in hourly charts and can have reaction. Today's pivot and support is NF 4202 and it has to trade and close over 4274 for momentum to continue. Minor resistance at 4312 with major resistance in zone 4349-4365. Any close below NF 4162 (Bearish) or above 4382 (Bullish) will indicate trend reversal.