On daily chart it has given parallel channel breakout after a year of consolidation which touched roughly its breakout target level of 18900. Since then, it has now retraced to retest this breakout line.
Now 2 scenario could be possible mostly to me is :-
1.The market may experience a minor rebound up to the level of 173xx-177xx, before breaking into the parallel channel.
2. It may resume its bull rally and complete the flag-pole chart breakout level. However, given the current economic situation, this outcome seems unlikely.
It is important to note that until the market breaks into the parallel channel, things may not be as doomsday as they appear.
Now 2 scenario could be possible mostly to me is :-
1.The market may experience a minor rebound up to the level of 173xx-177xx, before breaking into the parallel channel.
2. It may resume its bull rally and complete the flag-pole chart breakout level. However, given the current economic situation, this outcome seems unlikely.
It is important to note that until the market breaks into the parallel channel, things may not be as doomsday as they appear.