At 97.55 - Complex Correction ends & looks like minute wave -iv (circled) retraced 38.2% at 99.20 of its respective wave -ii & wave-iii, which is close to normal retracement(at 97.55- actual retracement).
Next, Moving above 103.50 - It confirms that complex minute wave-iv is in place at 97.55 recent lows & we shall look for respective wave-v(circled) close to 111 & Above 111 for 114-115 target zone.
Double Bottom at 97.95- 97.55 Zone
in the Zone 97.95 & 97.55 also will come into play once 103.50 highs is crossed giving us second piece of clue as per traditional analysis.
At 111 or 114-115 -Minor wave-3 shall get finished & later we shall look for retracement in minor -wave 4.
Above 103.50 -heading next for 111 highs for completing minor wave-3 or extending above 111- it can target 114-116 zone.
With Stops below 97.50 (Below ) - we shall look for 111 & above 111 target can extend to 114-116 zone.
Earlier Connecting Updates on Dish TV
Looking Higher for 110-112-- Result - Exited at 104-105
Check for restrictions till 101- Result- Restrictions slipped to 97.95
Formed a Tripple Bottom
Turned again upside above 97.50 -this time from 97.60 - Intraday one could have taken long position keeping 97.50 as stops & entering very close to the bottoms
Next it should cross 101.25 to 101.50 zone for an upside move.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ