At long last the RBI policy provided the trigger to break the month long range of 5729-5634.
And it has firmly set the 5715-5725 zone as a strong resistance area for future.
And trying to identify the support area for the downmove triggered by RBI policy,I find 5527-5540 to be the first support zone:
.png)
Pl note
the gap 5448-5527;
50 DMA at 5540;
Ascending red TL.
And on Hour charts:
.png)
I would love to give myself some more time before trying to find a pattern and fractals for the C4 from 5815 downwards:
.png)
But for the sideways move,following labels look appropriate to me:
First the corrective from 5637 to 5722 as a FLAT:
.png)
.png)
EOD post:
Downward momentum could not continue and sideways move of first few hours was enough to post positive divergence in charts wherein yesterday's low was breached but RSI-14 didnot make fresh low.
Last hour saw a dash upwards which if breaches 5642 tomorrow morning --may go past 5690 as well.
.png)
This 5642 is an important EW level.
EW patternwise many probabilities exist: posting a few for academically inclined
.png)
.png)
.png)
And it has firmly set the 5715-5725 zone as a strong resistance area for future.
And trying to identify the support area for the downmove triggered by RBI policy,I find 5527-5540 to be the first support zone:
.png)
the gap 5448-5527;
50 DMA at 5540;
Ascending red TL.
And on Hour charts:
.png)
.png)
But for the sideways move,following labels look appropriate to me:
First the corrective from 5637 to 5722 as a FLAT:
.png)
And then from 5722 to 5590*
.png)
Whether this downmove from 5722 develops into a 5w Impulse:
sw1=5722-5658=64
sw2=5658-5717=59
sw3 in play as a 5w form
(i)=5717-5642=75
(ii)=5642-5689
(iii)=5689-5590* and should go on to test 75x1.62=122=5567
Or fizzles out as a diagonal wherein:
sw1=5722-5658=64
sw2=5658-5717=59
sw3=5717-5642=75
sw4=5642-5689
sw5=5689-5590*=99
remains to be seen.
And although absence of positive divergence and channels etc favour the downmove to 5527-5540 zone but global sentiments and build up may lead to the other alternative as well.
EOD post:
Downward momentum could not continue and sideways move of first few hours was enough to post positive divergence in charts wherein yesterday's low was breached but RSI-14 didnot make fresh low.
Last hour saw a dash upwards which if breaches 5642 tomorrow morning --may go past 5690 as well.
.png)
This 5642 is an important EW level.
EW patternwise many probabilities exist: posting a few for academically inclined
.png)
.png)
.png)
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