The analysis is based on Elliott Wave principles, identifying a potential completed Wave 1 at approximately 123,685.03, followed by an ABC corrective wave. The channeling, based on Wave 1 and Wave 2, suggests the price has exited the yellow base channel. A Wave 3 impulse is followed by a corrective Wave 4 within a blue channel. A final Wave 5 impulse reaches the acceleration channel's middle line, a potential peak. However, the subsequent corrective move has re-entered the base channel.The analyst outlines both bullish and bearish scenarios on the 1D chart. The most bearish scenario suggests a drop toward a testing area between 73,421.64 and 67,030.91, representing a zero reset. A bullish invalidation point is set at 119,464.97.As an alternate point, the analyst points out what needs to be seen if the market is to move to a bullish area where they identify to watch the price action to go above 101k for confirmation.On the 2H chart there is a potential for a diagonal formation and they invalidate a 1,2,3 to make another attempt down. An invalidation on bullish needs to cross above the 113k point and the testing area is at the 102.5 level.