But, the important thing to note here is that:
1. This base will be confirmed only in the next session, if last but one candle i.e. 2:30 candle and any further candle doesn't break low of 22nd September 2023. because I told you in the last discussion that recovery will come in the last 15 to 30 minutes of 22nd September 2023 i.e 3:00 to 3:15 candle to be very precise 3:19 candle. So let atleast 5, 1H candles be formed in the next trading session and 5 in the very next day. Please appreciate the fact that a day comprises of 24 hrs and we have a market which opens only for 6 hrs 15 minutes only. So, earliest base will be formed after the close of next two days i.e. Tuesday of next week.
2. Most Important: Why have I drew the triangle. This is to be warned that it may take longer time to recover fully than the time take for upward journey. Let us understand it this way. The side showing upward trend i.e the movement in the last month is perpendicular where the candles rose very quickly, they were large and took merely 3 to 5 days in all. The side opposite to it is hypotenuses and the downfall was very slow and took much more time; because of the Pythagoras Theorem which says that H Square = P Square + B Square. So, in nut shell, the fact which I want to emphasis is that recovery may start from here but may take quite long and may not be immediate. However, markets do surprise. There could be V shaped recovery as well very soon. But, dont be greedy, adhere to my previous discussion on the stock.
Don't be in haste, be patient and adhere to SIP; one or two shares here and there.
If any question, feel free to write me in the comment box.
This is only for educational purpose. I am not a SEBI Registered Analyst.