So the first hurdle of 5866 was crossed --- though it happened after lot of wait.
And it did not befit the truncated 5th that we were talking about .
So the Impulse top at 5965 remains poorly defined/explained.
Such poorly defined tops donot give enough conviction to go full throttle short for deeper gains-- but such are the vagaries of market and one has to bear these.
Best part of the day was 5/10 DMAs bearish cross-over which confirms the increasing weakness of the market.It also brings into focus 20DMA (currently at 5766) which would be our next support.
And 34 Hr EMA at 5887 become the most crucial resistance now:
So the action may now be between 5890-5760 for next two days.
Following 5 minute charts indicate strong supports in 5800 area:
And it did not befit the truncated 5th that we were talking about .
So the Impulse top at 5965 remains poorly defined/explained.
Such poorly defined tops donot give enough conviction to go full throttle short for deeper gains-- but such are the vagaries of market and one has to bear these.
Best part of the day was 5/10 DMAs bearish cross-over which confirms the increasing weakness of the market.It also brings into focus 20DMA (currently at 5766) which would be our next support.
And 34 Hr EMA at 5887 become the most crucial resistance now:
So the action may now be between 5890-5760 for next two days.
Following 5 minute charts indicate strong supports in 5800 area:
If this Corrective's first leg is Impulsive then it would remain limited in red-channel.
However if it chalks out a corrective-forms combo-then green channel would be containg it tomorrow.
By tomorrow EOD, clarity about the Corrective (to Impulse 5548-5965) pattern would emerge.
Target wise, 50% retracement means 5756
61.8% means 5707
AP tool's median is likely to be tested---
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