Pattern -- Elliot wave impulse formation
Reason:
a) wave D not overlap wave A territory
b) wave D is not retrace more than 50%
c) As per Elliot Wave Impulse Formation. Wave 5 is typically inverse 1.236 – 1.618% of wave 4
Next Immediate Target:
Up - 20795 followed by 21078
down - 20549 followed by 20267
Resistance Area to be look on for based on open interest and FIB level.
2 Highest call option writing at 20700 after 21000.. it may act as resistance for
current series.
Reason:
a) wave D not overlap wave A territory
b) wave D is not retrace more than 50%
c) As per Elliot Wave Impulse Formation. Wave 5 is typically inverse 1.236 – 1.618% of wave 4
Next Immediate Target:
Up - 20795 followed by 21078
down - 20549 followed by 20267
Resistance Area to be look on for based on open interest and FIB level.
2 Highest call option writing at 20700 after 21000.. it may act as resistance for
current series.