So we did bounce up from 5936-5940 zone in the morning and broke the descending channel:
.png)
But could not sustain the upmove and fell below 5936-5940 zone to make the intra-day low of 5928.
However, today's price action-- donot miss the positive divergence in Hour Charts shown above-- was illustrative of a sort of base formation and a bounce to 6025-6040 is very likely. In fact, the bounce may go even further than that.
If I look at it as developing Wolfe-waves then
.png)
And if I look at it as developing SHARK then:
.png)
So morning opening is unlikely to be below 5918 --- longs should start booking part profits at 5970+ levels and watch today's high (5978.5). If it is breached then a short term bottom should be seen in place.
If it is not then the ascending long-term Trendline would get endangered
Stop-loss for longs-- 5918
First target 5970--
If 5979 breached 6040 becomes second target.
.png)
However, today's price action-- donot miss the positive divergence in Hour Charts shown above-- was illustrative of a sort of base formation and a bounce to 6025-6040 is very likely. In fact, the bounce may go even further than that.
If I look at it as developing Wolfe-waves then
.png)
And if I look at it as developing SHARK then:
.png)
So morning opening is unlikely to be below 5918 --- longs should start booking part profits at 5970+ levels and watch today's high (5978.5). If it is breached then a short term bottom should be seen in place.
If it is not then the ascending long-term Trendline would get endangered
First target 5970--
If 5979 breached 6040 becomes second target.
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