The following Chart sums up my observations:
.png)
And a close up:
AP tool pegs the support at 5572 level and 200 Day EMA also (co-incidentally) is also pointing at the same level.200 Day SMA is currently at 5619.
With this support cluster and developing positive divergence one can think of creating long positions in 5575-5615 zone but those would be 'anticipatory' longs and must be done with caution as the developing Shark's arm is capable of going upto 5971-(307x1.618)=5475
.png)
(Those interested in understanding Shark pattern can very well check this link-- Understanding Shark Pattern)
From EW point of view, it looks like a 5 wave form from 5971 downwards which seems to have completed its 3rd wave at 5632 and its 4th wave is likely to test 5750 before starting on 5th wave:
.png)
.png)
And a close up:
AP tool pegs the support at 5572 level and 200 Day EMA also (co-incidentally) is also pointing at the same level.200 Day SMA is currently at 5619.
With this support cluster and developing positive divergence one can think of creating long positions in 5575-5615 zone but those would be 'anticipatory' longs and must be done with caution as the developing Shark's arm is capable of going upto 5971-(307x1.618)=5475
.png)
From EW point of view, it looks like a 5 wave form from 5971 downwards which seems to have completed its 3rd wave at 5632 and its 4th wave is likely to test 5750 before starting on 5th wave:
.png)
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