My expected range of 5925-5975 for today was thrown into trash box at the opening itself. And the breaking of 5900 support was the confirmation that the EW pattern of developing upmove illustrated yesterday had become invalid.
Now we can see the downmove from 6112 as continuing in following two ways:
Either:
.png)
OR
.png)
If the bounce indicated by Positive Divergence on Hour Chart takes us past the above illustrated channel then we may test 5990 otherwise instead of a much expected Pre-budget rally, we may see the correction continuing till C=A=233=5737.
I am not inclining myself to any particular viewpoint.
Now we can see the downmove from 6112 as continuing in following two ways:
Either:
.png)
.png)
If the bounce indicated by Positive Divergence on Hour Chart takes us past the above illustrated channel then we may test 5990 otherwise instead of a much expected Pre-budget rally, we may see the correction continuing till C=A=233=5737.
I am not inclining myself to any particular viewpoint.
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