What an impulsive fall from 191.70- but later making a low at 163 -it was all pandora's box which opened so far as WX out of WXY structure as an alternate which I am moving in present case -instead of impulsive 12345 which I thought to be the primary case earlier.
Post 163 - the whole up & down move took almost 30 days as compared to the fall from 191.70 high to 163 low which was done in 7 days so I am thinking it is more evil WXY -where Y is the next leg which could start in next trading sessions.
Moving below 170- likely it should move in the next leg down so we need to watch the next session carefully. Risky Traders can look for a bounce above 174-176 as selling opportunity with strict stops above 176.50
Scenario- 1 Risky - Selling on the bounce between 174-176 with strict stops above 176.50 for targets 153-157
Scenario-2 Selling below 170 for target 153-157 & touching the trump trendline.
You would love to read my previous update- All the below mentioned analysis are nested analysis- you will find earlier analysis inbuilt
Sorry for the repeated analysis
Picking the top close to 191.70
Buy setup for possible 175-177 zone
Bullish at 157 for 170+
Crab opens account @158- Done & Out at 177
172 gets broken
Next support 170 which can act as temp support for a bounce if happens.
BOB is struggling to go down & flirting in the zone 170-172 so likely we can expect a push up & decide further for selling from the top means close to 175-176 with stops above 177.
for some stop losses might have run as it was 2 Rs - Risky Calls are like that only - they take your stops & run in your favour again.
We will not hurry up either we will wait for bounce again or sell below 169 later
Our stops were run out by small amount of 1 point at 176.50 made high at 177-177.50 later BOB puked even below 169 which looks weak with 177 as critical level.
Bounced & retraced 80% of the fall from 177 - deep retracement - we will wait for BOB to start falling below 174- if it starts then we put stops of day high & trade short -& later it should dip below 170 also then it will confirm that BOB has some weakness.
Keeping 170 intact downside - it pushed again up close to previous highs of 177. We shall be looking for selling opportunity on weakness on topside
or Going below 171 break of mini double bottom - we will sell later.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw