Last three days of trade and analysis were very clear and fruitful.
However,as we approach 5940,fogginess returns. So very typical of markets which would not let you ride the next bus without hiccups.
Although today's trade call of shorting with a stop-loss of 6005 with a minimum downfall of 47 points proved fruitful, the pattern followed by this downfall 6004.5-5947 has raised a few questions.
First of all a view of Hour Chart
Yesterday(EOD)
.png)
Today(EOD)
While white TL supported, fresh lows were not accompanied by positive divergence.indicating that the Corrective from 6020 might not be over as yet.
5 Minute Charts
.png)
And in this scenario 5979.9 is the level that would define whether this Corrective has found its bottom or not:
.png)
So tomorrow morning opening above 5979.9 would call for longs with a tight stop-loss at 5960.2 and loose SL at today's low of 5947.4 and targets of 6020+ and this wolfe wave may be seen as a guide:
.png)
But if we open below 5944 then I would not initiate a trade on either side and wait for a fresh insight and pattern to announce itself
.png)
In a way, opening below 5944 would the first sign of a bigger break-down in markets
However,as we approach 5940,fogginess returns. So very typical of markets which would not let you ride the next bus without hiccups.
Although today's trade call of shorting with a stop-loss of 6005 with a minimum downfall of 47 points proved fruitful, the pattern followed by this downfall 6004.5-5947 has raised a few questions.
First of all a view of Hour Chart
Yesterday(EOD)
.png)
5 Minute Charts
.png)
And in this scenario 5979.9 is the level that would define whether this Corrective has found its bottom or not:
.png)
.png)
But if we open below 5944 then I would not initiate a trade on either side and wait for a fresh insight and pattern to announce itself
.png)
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