Current View
> If the market declines initially, the immediate support zone is expected to act as a strong support.
> If price gets rejected from this zone, structurally this could be a 5th sub-wave. In that case, the 5th sub-wave correction may complete here, followed by a bounce of around 38%–61% of the minor swing.
> This is the base structure. However, if price does not reject around the pullback zone, the 5th sub-wave could extend toward 58,737.
Alternate View
> The alternate scenario suggests a range-bound market with a bearish bias.
> If the market opens positive, we can expect a bounce of around 23%–38%. However, even if a bounce occurs, the broader outlook remains bearish, and the market may return to its opening level by the end of the day.
> If the market declines initially, the immediate support zone is expected to act as a strong support.
> If price gets rejected from this zone, structurally this could be a 5th sub-wave. In that case, the 5th sub-wave correction may complete here, followed by a bounce of around 38%–61% of the minor swing.
> This is the base structure. However, if price does not reject around the pullback zone, the 5th sub-wave could extend toward 58,737.
Alternate View
> The alternate scenario suggests a range-bound market with a bearish bias.
> If the market opens positive, we can expect a bounce of around 23%–38%. However, even if a bounce occurs, the broader outlook remains bearish, and the market may return to its opening level by the end of the day.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.