I had mentioned in my previous post on Thursday EOD:
Q
The latest subwaves of the upmove from 5477 are taking shape of a rising wedge and therefore we may have to wait longer for the dip though it would be very sharp as & when it comes
UnQ
And today morning,as the first Hourly candle closed below the rising wedge, it was beginning of a fast slide.
Full details of this Intraday chart readings can be had at the link Intraday Updates on Facebook .
At current point in time,I am treating the downmove started today as a retracement of Upmove 5477-6115 and its first probable levels of retracement are illustrated through the following chart:
Broken rising wedge usually falls below the starting point of the wedge i.e. 5867
If the green channel breaks then only further fall would come. The 5790-5860 zone is likely to contain this fall. Some bounces may occur from 5970 and 5930 levels which should be used to create shorts with target of reaching lower trendline of green channel.
Q
The latest subwaves of the upmove from 5477 are taking shape of a rising wedge and therefore we may have to wait longer for the dip though it would be very sharp as & when it comes
UnQ
And today morning,as the first Hourly candle closed below the rising wedge, it was beginning of a fast slide.
Full details of this Intraday chart readings can be had at the link Intraday Updates on Facebook .
At current point in time,I am treating the downmove started today as a retracement of Upmove 5477-6115 and its first probable levels of retracement are illustrated through the following chart:
Broken rising wedge usually falls below the starting point of the wedge i.e. 5867
If the green channel breaks then only further fall would come. The 5790-5860 zone is likely to contain this fall. Some bounces may occur from 5970 and 5930 levels which should be used to create shorts with target of reaching lower trendline of green channel.
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