new shorts will be created near 10942-11000 area. It so happened and the NS had to retreat to 10534 where the 10500 OI was high.
So it played as expected. Now what ahead. Very very interesting scenarios are developing and good hope for the bulls in the Near Year. Wish all the members here a happy, healthy, prosperous and peaceful New Year.
DATA - The highest OI is now at 11200 in this series. So the resistance expected near this area, unless it is changed with good .
TECH - we got 2 candles above 5 and just waiting for the signals to cross over. Moreover the 50 MA
is very close to 200 MA and it can go above 200 MA on sustained basis signalling Golden Cross.
In Weekly the Histo is above 0 and signals are near 0 and once the signals go above 0 fast upmove can be expected.
The UBB in weekly placed near 11800 and the price can try to move upto there. However it can get restricted at
11600 where the monthly UBB is placed.
The interesting scenario can develop when the weekly signals go above 0 and push the price upward to 10600 as the signals will be inside histo.
Added to that the Monthly signals are below 0 and by the time price reaches 11600 the signals can be very close to 0 or must have gone above 0. In such a circumstances the monthly UBB can pull up the price further. In that event the weekly UBB placed around 11800 can become active if the signals are inside histogram and it can start pulling it upward to 12.3K provided price reaches there.
This can happen only at a later stage at 5.3 wave.
All the above is considered using the sub and sub sub waves of wave 5.
10004-10942 as wave 5.1.1.
10942-10334 as wave 5.1.2
10334-10984 as wave 5.1.3 10984-10534 as wave 18.104.22.168 and 10534 wave 22.214.171.124 is in progress to min. 11200 to 11600.
11xxx-10xxx as wave 5.1.4.
10xxx-11xxx/12xxx wave 5
After this expecting a correction of 1000-1200 points 5.2.wave downward before starting the 5.3 wave.
It wold have been easy if I could put it in a simple way, bu to get clarity I had to put it this way.
So the view is and when the weekly signals goes above 0 it becomes highly . The above view is purely educational and may be or may not be good for trading. Anybody wish to take trade please check with your financial advsor before such actions as the writer or this website will not be responsible for your such actions.