We are still moving in a rising channel.
This is what bulls want to hear & see.
Also, they want see the weekly bullish doji candlestick formed at rising trendline
support. This seems to be trap for me and the markets are likely to fall and break
this doji's low in next couple of weeks.
Has the rally started from 7511 is an impulsive one? According to me, the
answer is big NO. It's a clear zig-zag corrective structure defined by as per
Elliott Waves Does this mean, we could no longer move higher? Again, nobody
can answer this. Elliott has emphasized trading along with the trend defined
by higher highs, higher lows or lower highs, lower lows. Currently, lower high
& lower low formations are intact with lower high at 14984.15.
Moreover, the correction which has now sustained 9 weeks, shows that its a
correction of larger structure which started from 7511. We have obviously
seen time-wise correction so far. Price-wise correction is yet to be seen.
Currently markets have been unfolding in a flat corrective structure which
can lead markets lower to 13820 - 13350.
This is what bulls want to hear & see.
Also, they want see the weekly bullish doji candlestick formed at rising trendline
support. This seems to be trap for me and the markets are likely to fall and break
this doji's low in next couple of weeks.
Has the rally started from 7511 is an impulsive one? According to me, the
answer is big NO. It's a clear zig-zag corrective structure defined by as per
Elliott Waves Does this mean, we could no longer move higher? Again, nobody
can answer this. Elliott has emphasized trading along with the trend defined
by higher highs, higher lows or lower highs, lower lows. Currently, lower high
& lower low formations are intact with lower high at 14984.15.
Moreover, the correction which has now sustained 9 weeks, shows that its a
correction of larger structure which started from 7511. We have obviously
seen time-wise correction so far. Price-wise correction is yet to be seen.
Currently markets have been unfolding in a flat corrective structure which
can lead markets lower to 13820 - 13350.
Comment:
We fell till 14151.40, the current up move seems impulsive, so, trailing the stops above 14420 should be ideal case scenario. If stops doesn't trigger, look to close shorts in the range of 14300-14320.
Trade closed manually:
Closed at trailing stops above 14420.