My yesterday's concluding remark was
Q
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.
UnQ
And we bounced upto 6026 after testing 5970(day's low=5970.05)
Historically also 6025-6040 zone has been a tough resistance zone
Labelling this Corrective Retracement to upmove 5477-6115=638 as ABC
A=6115-5970=145
B=5970-6026*=56 and continuing
Today's price-action gave the impression of B fanning out as a Contracting Triangle:
.png)
but it has to get confirmation tomorrow because, alternatively, we can have B fanning out as a Flat also in following manner:
.png)
.png)
On drawing channels 6040 looks most probable
.png)
Further following up of the current move can be done with following chart
.png)
Q
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.
UnQ
And we bounced upto 6026 after testing 5970(day's low=5970.05)
Historically also 6025-6040 zone has been a tough resistance zone
Labelling this Corrective Retracement to upmove 5477-6115=638 as ABC
A=6115-5970=145
B=5970-6026*=56 and continuing
Today's price-action gave the impression of B fanning out as a Contracting Triangle:
.png)
.png)
.png)
On drawing channels 6040 looks most probable
.png)
Further following up of the current move can be done with following chart
.png)
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