1.Major Support - 17800, Lower trendline. Major Resistance - 18340.
2. Past trend - Major Trend is up. Multiple leg correction going on. Moving in channel with next major resistance as 18340 from where fall is expected.
3. Current Strength - In up.
4. Future trend - Upmove within channel to test 18340 from where fall to 17600.
Trade setups - 1. SHORT - If a.18350 breaks on daily b.Then breaks previous candle low next day.
2. BUY - At 17600.
3. BUY - Weak Pullback after it sustains above 18600.
4. No Trade zone for long term - No buying @18350 to 18600.
Very nice. How do you derive the fall up to 17600. Do you have any wave count for this.will.thrr be any technical reversal from 350 andwhy 17600 and not for below that? Pls give reason and you expect up move again and target.
NaveenGr
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Hi, thanks for finding my analysis valuable. 1. Fall up to 17600 - 1st, In previous down moves ( from 18600 and 18342) daily low break lead to new low. But after 17600 daily low break didn't lead to new low below 17600 and made higher high/higher low, important change in structure from 17600. 2nd 17452 lead to 18600, all time high, so I expect this 17500-17600 to be a very strong demand zone and buying to over come selling again. 2. I just observe what people are doing so no wave count. 3. Reversal from 18350- fall from 18350 took just 3 days while it has been 9 days to reach CMP. So strength is still in down. We have mini uptrend within pull back which part of uptrend. That's why I expect selling to once again come from 18350. 4. I expect up move to 18350 then selling. But I will also be prepared to take long above 18350 if it sustains for 18600. And above 18600 if sustains for 19900. 5. I do not know exactly what market will do next, but I do know what I will do next and I keep changing my opinion as per market action. Happy Trading 😀.