Pre-Market View:
As mentioned in my yesterday's EOD post, no clear pattern is identifiable currently and so far the expected Corrective C4 (5815 downwards) has not given any indication of its form which may either be a zig-zag,Flat, Triangle or a combination of these.
The expectation that consecutive closures below 5DMA would give more momentum to downwards Corrective has not materialized.
5729 remains an important price point on the upside.
Its breach on the upside would open the gates for a move upto 5784
.png)
EOD post:
So 5729 survives and 5637 got breached.
And that has tilted the scales in favour of Bears. and , therefore, preferred labels now are:
SW1=5815-5666=149
SW2=5666-5729=63
SW3=5729 downwards as a 5w Impulse
5729-5637=92
5637-5725=88
5725--- to do minimum 1.62x92=149=5575
.png)
Bearish engulfing candle and 5/20 bearish cross are most prominent features today
As mentioned in my yesterday's EOD post, no clear pattern is identifiable currently and so far the expected Corrective C4 (5815 downwards) has not given any indication of its form which may either be a zig-zag,Flat, Triangle or a combination of these.
The expectation that consecutive closures below 5DMA would give more momentum to downwards Corrective has not materialized.
5729 remains an important price point on the upside.
Its breach on the upside would open the gates for a move upto 5784
.png)
EOD post:
So 5729 survives and 5637 got breached.
And that has tilted the scales in favour of Bears. and , therefore, preferred labels now are:
SW1=5815-5666=149
SW2=5666-5729=63
SW3=5729 downwards as a 5w Impulse
5729-5637=92
5637-5725=88
5725--- to do minimum 1.62x92=149=5575
.png)
Bearish engulfing candle and 5/20 bearish cross are most prominent features today
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