We are standing close to very important global event outcome- U.S. Elections which everyone might have set their eyes- Hoping for Hillary or Clinton- So what's in the box- time can let us know better, but as an analyst- let me put what I see next
If Hillary comes out of the Box
Likely -Index will witness another gap up move which could make it travel 161.8% of the initial move from the 8400 to 8535 which comes in the zone 8690-8715 zone.
If Trump comes out of the Box
The index could leak below the 8480 levels & travel below 8400 marks as well in coming session.
Protecting double bottoms in the zone 8470-8480 zone is important for having bias & Hillary as an outcome of the major event
Whereas Leakage of zone- shall be the result of Trump outcome.
Let us wait for the outcome.
SGX Nifty Down -270 points. Markets are going to be tricky. Going Above 8550- They forced bears out & today if the market opens gap down- bulls are trapped.
Dow Futures 400 points down. Trump Leading in the current outcome scenario.
Bounce from 8000 -todays low can be C-Wave so likely can touch 8850-8900 zones as expected earlier- we need some pullback to go long for few sessions atleast till 8850-8900 zones- Then we shall decide later.
Do not hurry in the trade - we want some pullback from current highs of 8475 to enter.
Prices are falling so fast -seems like a joke
Recent fall from top@8475 to 8396 is very impulsive & not looking as pullback so that suggest expecting any longs in current scenario shall be risky. If it starts moving below 8350 -then we get some confirmation bears are still active.
Closing & Need a break as price structure is very confusing. Let me come back later
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ