Since October high's we are seeing impulsive move in price unfolding on the down side.seems like we are in wave 5 sub wave 4,meaning we can expect one more push on the downside till 16500 levels.Right now price seems to be making triangle or raising wedge as per classic technical analysis terminology.
Expecting current bounce to end soon once price breaches raising trendline of wedge or triangle.A close below 17000 would suggest end of wave 4 rise and will start wave 5 of higher degree wave 5.
One can short when price closes below 17000 with a swing high(yet to be confirmed)as initial stop-loss and target of 16500 levels.
Disclaimers:This are just my views and m posting this for my future reference purpose,no position should be build or exited on it's basis.
We are in intermediate wave 4 that is shown in the initial post.THis wave 4 has taken a form of either a triangle or diametric pattern,here in scenario 1 i am assuming it to be an expanding triangle,and as shown in the charts we are done with wave e oif the expanding triangle hence any close below 16900 will complete this wave 4 triangle pattern and will start wave 5 on the down side. PS:Personally i dont prefer this scenario,but as per rules cant rule out this possibility so m mentioning this.
Scenario:2)Diametric Pattern
Assuming wave 4 taking a form of diametric pattern we might have started wave f on the downside target for which is coming at 16900 levels,hence for couple of days we can expect it move down from current levels followed by last push on the upside in the form of wave g to complete 7 legged diamond shaped diametric pattern after which we can see wave 5 fall.17200 on the upside will act as rasistance and 16900 will act as support as per this count.
UNDERDOG-29
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@priyayarip, no i dont think we will re-test upper channel line as we are in intermediate wave 5's minor wave 4 so 17200-17350 is the ultimate price action zone from where current corrective rise can end and upper channel line as of now is coming at 17650 odd levels