So finally we broke out of ranges. But the problem is that we are not consolidating, which recalls me of a saying "the quick you gain, the quicker you lose". Yes, we are in strong momentum and everybody is in breakout euphoria. But there has to be a point of saturation, which I suppose is near 11033.
I don't say that it will be the end of this rally but may be a brief pause or pullback as we have left a few gaps to be filled. We might also retest the breakout level, which is 10800. Once again I say that I could be totally wrong this time as we may end up pushing higher in a mad euphoric bull market (which would be extremely dangerous). What I am notifying here is a caution at that level, b'coz you know at some point of time the traders like me think of booking profit.
Trade safe, stay healthy.
Make informed decisions.
Before lunch it seemed market has been neglecting the harmonic level. But near 1:45pm it started giving respect to the level, hovered around it and finally closed below it.
On daily closing basis we faced some profit taking or pause that I was expecting.
Below today's low we may face more profit booking. It might not be a smooth ride on the downside as we may see sharp bounces.
Let's see how the market proceeds tomorrow.
All the best.
Let's see if it can take us to 10800 or not.
Price has been failing to close above 11033 level and two strong rejections near 11080 are caution signals for some upcoming slowdown or correction.
Price might hit the expected 10900-10930 zone tomorrow or the next day.
Beyond that point I would seek 10800 level.
However, breakout above 11080 could take us higher for all time highs.
I am longer term bullish, short term bearish as of now.
All the best for the coming days.
Beyond 11172, all time high, I will consider 11400-11450 as next hurdle zone.
This could be a big expiry. Enjoy the run.
So we jump passed previous highs. Any attempt to fill the gaps or pullbacks to MAs should be considered as buying opportunities. Short term positions should be held till 11125 and longer term till 10929.
Price action near 11400-11450 would be watched,to look for another pause or pullback, for profit taking.
Enjoy the bull market and the weekend.
So last week we had a sharp reaction near 11400. Let's see how it behaves next week in the 11400-11450 zone. But the way we have started the move after the current correction it seems hold should be the strategy.
Previous analysis would stay intact.