Index is doing all choppy moves between 18065 & 17800 zone ( which is ongoing or running). A possible assumption can be a falling wedge or ending diagonal.
---------------------------------------------------------- Markets don't work on assumptions ----------------------------------------------------------
As a trader, never assume any wave-counts / patterns / indicators unless you get a trigger point + you need to manage your risk post getting the trigger which is the very important step - Risk management
--------------------------------------------------------------- Trading Strategy - Trigger & Stop Loss Levels ---------------------------------------------------------------
You are risky trader then look close to 17800 withs stops below 17750 & Targets mentioned below.
Target 1 - 18065
Target 2 - 18135
Target 3 - 18318
Thanks
Trade active
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12:19 Hrs / 20th Jan 2022
Last @ 17805
Risky Traders stop @ 17750 is intact by 20 points (Day Low - 17768/17769) at present but Index not showing strength as bears having strong grip.
The zone 17775-17800 is very important. Holding this zone & crossing above 17800 will be early indication of bulls & if fails to hold then unfortunately, Index can slip further downside.
Thanks
Trade closed: stop reached
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Index could not hold suggested zone 17800 / 17775. Stops Hit for Risky traders at 17750
Comment
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Additional Comment.
Last @ 17698
Index has another important support close to 17650 - Support if holds then bulls may return back else going below 17650 it could be deeper corrections.
Thanks
Comment
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2:06 Hrs / 20th Jan2022
Last @ 17694
Connecting Snapshot for Additional comment few mins back
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03:08 pm / 20th Jan2022
Last @ 17750
The Most important level holds close to 17650 - Traders can look for resistance of 17835 as partial targets & crossing above 17835 - one can look for 17960 which is the trigger level & most important resistance level
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10:02 Hrs / 21st Jan 2022
Last @ 17640
Market opened gap down & made new low close to 17525 . Bounced sharp to 17680's
This zone is resistance or supply zone 17650-17680- if Index stops or halts then falls back close to 17575 / 17600 - we see for support if any.
Getting support close to 17575 - crossing above 17650 - Bulls will be back again for short term 17750/17800
Thanks
Comment
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10:40 Hrs / 21st Jan2022
Last @ 17583
Bravo!!!
What a drop on short term frame from 17650-17680 zone.
Index kissed 17575 .
If holds here then we have bullish bias & Index may push again to 17680's/ 17750 / 17800 as suggested in the opening comment.