After yesterday's downmove of 100 + points, a grinding day was expected.
However,the fresh low made in the morning session,ruled out the probability of B(or W2) of downmove developing as an Expanded Flat.
But the persistence of positive divergence despite the new low made keeps the probability of a brief upward retracement alive and that makes one inclined to keep the Probability of B(or W2) developing as a Triangle in following manner open:
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However, if positive divergence on Hour Chart keeps the probability of another run-up to 5970+ open, the fact that for the second day in running, the gap created yesterday could not be filled,emphasizes the strength of downward bias. Weakness on Daily & Weekly Charts is getting more pronounced and we seem to be settling below the long term trendline:
However,the fresh low made in the morning session,ruled out the probability of B(or W2) of downmove developing as an Expanded Flat.
But the persistence of positive divergence despite the new low made keeps the probability of a brief upward retracement alive and that makes one inclined to keep the Probability of B(or W2) developing as a Triangle in following manner open:
.png)
However, if positive divergence on Hour Chart keeps the probability of another run-up to 5970+ open, the fact that for the second day in running, the gap created yesterday could not be filled,emphasizes the strength of downward bias. Weakness on Daily & Weekly Charts is getting more pronounced and we seem to be settling below the long term trendline:
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