It looks a corrective (W)- (X)- (Y) sequence & currently running in (Y) wave nested structure. In (Y) wave it is an impulsive structure.
From 85.30 lows it had sharp upside move till 109.80 - post that it is choppy & likely retraces 38.2% of 85.30-109.80 distance in the zone 100-101.50. If holds & we get price confirmation for upside then it can be expected atleast 110-112 zone as target zone next.
Current Day Low@101.35
We will keep a close watch on the structure if we get to see price holding in the zone 100-101.50 & gives a push upside to confirm that desired move has started shall be an opportunity to take long positions with the respective day low as stops.
Looks like sideways move & attempt for 105 levels can be made & retest of prior lows in the zone 100-101 we shall come back to see whether it holds then we expect upside push.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ