cannot hold if it break below 285.... those who are newly watching my post, please look back and see the post.
todays i was expecting it to support here, as the hourly RSI was showing positive sign. But nothing will change the prime view posted earlier. will see sub 200 level now.
At support first now grey line, with an RSI support.
MACD is in bearish zone, may correct down to bottom grey trend line.
it has broken the mid channel support. Next is 240 .
completion of C is yet to be confirmed.
Next resixtance 290
Now there are two very obvious pivot bottoms one at 282.50 & the other at 217.65,
and two or more Fibonacci levels are important as noted above is 224 to 154.
Let us watch for any of those levels to give us some reversal sign.
This need a deep study, the structure of wave C on completion only we know that where it will terminate. We can assume that C as a terminal wave need to be an impulse. Here you can see either one or three doesn’t have any extension. So you can expect an extension even.
More over, if you the whole structure as an ABC (maybe an expanding flat as b is higher), is almost concluding. Hence it can move 100 to 162%of wave A, comes around ₹224 to ₹153 level. I was expecting ₹200
Unfortunately, periods of pessimism and euphoria rarely conveniently peak at price tops and bottoms. Wave theory is the quantification and structures the mass psychology. So let us wait and see how it conclude.