Pokarna has completed its impulsive wave c of the corrective wave ((4)). Wave C has traveled 100% Fibonacci extension of wave A at 548.
Currently, the price has broken down the A wave at 585. If it sustains below 585, traders can expect the following targets: 558 - 536 - 505.
505 is strong support because corrective wave 4 accomplish near the corrective wave 4 of a lower degree. If the bull fails to keep the price above this level, we can see a big downfall.
Otherwise, the price will touch the control line and then the upper band of the descending channel. I will update further information soon.
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14: 40 PM - Pokarna reached the second target of 536, and made a low of 527.
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New low: 508
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Pokarna reached the final target of 505.
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All TP Done
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505 has worked as good support. If the price breaks 505, it may be a bearish signal.