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Price action is not stabilished yet and I expect it will test the trend line before moving up. People were surprised to see nifty correcting nearly 900 points. But price action formed a clear trend reversal pattern in daily chart . There was no fundamental news for the fall, but the fall was indicated in technicals.
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Nearing the trend line!
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Finally testing my trend line.
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most chart observers are expecting when the prices would come to 10033 or fake out this area to go long..but it may fall down, go for consolidation and then start moving up...my take
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@vanathi, WAS GOING through after market hours, wolfe waves and the trendline..now that the upper circuit in the weekly trendline has been broken and the downward journey started, on Monday also I expect a gap down start. We do not know where the DOW would end on Friday. when I drew the corresponding lines, you were right in pointing out that it may come down further. Am waiting for that dz to get engulfed..
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Looks like for around next 2 months till April 2018. it will remain in 10000 - 10500 zone, going long and short at the these levels would be apt trade for days to come.
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