Elliot Wave Standing Point: Rise from Covid Lows can be marked as a Diagonal in the form of ABCDE and Wave E just completed in September
For the Short Term as per Daily Time Frame, we can see the following Observations: 1) RSI gone below 40 ✅ 2) ADX at 24 rising, DMI in Sell Mode ✅ 3) Super Trend (10,3) gone in Sell Mode ✅ 4) MACD in Sell Mode ✅
5) And Most Importantly there is a Classic ROUNDING TOP Pattern Breakdown ! where the Base has Low Volumes and the Breakdown is on High Volumes
Downside Target open to: 705 - 700 (as per Rounding Top Pattern)
Stop Loss: Can be kept > 760
Since on Weekly Time Frame, it is a Diagonal as per EW Count, the Downside can exceed even further. So DO NOT Bottom fish The Target of 705 - 700 is bare minimum expected (conservative case)