Cnx finance index cmp 19250
Elliot wave study
120 mins time frame
Impulse phase as per elliott wave is matured and corrective phase have started.
ascending parallel channel structure is broken and retest done, indicate some more retracement possible.
on daily time frame RSI have given breakdown below trend line support.
So now the index is sell on rise till the recent high is not taken out and sustained.
down side index can give good retracement below the low point of wave4.
Stocks of financial services might face selling pressure.
Time to be cautious...
Elliot wave study
120 mins time frame
Impulse phase as per elliott wave is matured and corrective phase have started.
ascending parallel channel structure is broken and retest done, indicate some more retracement possible.
on daily time frame RSI have given breakdown below trend line support.
So now the index is sell on rise till the recent high is not taken out and sustained.
down side index can give good retracement below the low point of wave4.
Stocks of financial services might face selling pressure.
Time to be cautious...