Hi all, hope you are safe and holding well. I'll keep this post very short and crisp. The weekly demand zones have been mapped out in the chart. The first demand zone lies somewhere between 15500-15900 whereas, at the lower levels, we have a weekly demand zone from 14600-15000.
There are likely 3 scenarios ahead. 1. We flush out till the 1st demand zone, rally back to 16500, and then continue the journey downwards. We may very well bounce off the first demand zone and start a fresh rally, but the likelihood of that seems less. Hence, I am not considering it as a separate scenario. But if the said rally happens, I'll be happy to switch my bias.
2. We keep crashing till the 2nd demand zone, then pullback towards 16500 and then continue downwards.
3. We fall till the 2nd demand zone, accumulate for some time, and then start a fresh rally upwards.
Whatever scenario we see, try to play level-to-level. The markets are getting tougher. Stay safe, stay strong.
Disclaimer: This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Much love, Rajat Kumar Singh (@johntradingwick) Community Manager (India), TradingView.
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Update: Played out like a charm. (Check the old charts for context). The price has entered the weekly demand zone. We'll have to wait for this week's closing and decide accordingly for the next week.