Chart Data as of 25th Sept, 2020 [Friday, End of Week]
A Classic Ending Diagonal/ Rising Wedge structure has marked the Completion of a 5 Wave Impulse Elliot Wave suggests we are now in a Wave 2 Decline that can retrace this Wave 1 advance that just got completed
I have a Minimum Target of ~ 725 for this Decline. Key Levels to Note: T1= 725 700 psychological level T2= 685 T3= 640 Where this Wave 2 Decline will Stop, I do not know but there is a High Probability that we will at Least meet Target 1 for this Downfall.
My Bearish View Negates if we make a New High above 868
Studies apart from EW such as: Price Volume Action RSI MACD ADX ......Are ALSO Confirming my Bearish Thesis, SO if you do not want Short at least I Will not be a Buyer till SBI CARD makes a new High.
Provide me Feedback and Support if you liked this Bearish Setup Happy Trading :)
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First a wave done, b wave completed today, now c wave down activated.
Price also at confluence of Trend line Resistance as of today. Good to have extited longs today and gone short keeping today's high as Stop Loss.