Structure:
Sensex continues to respect the medium-term bullish channel. The recent pullback into the support band around 84,300 – 83,700 has likely completed wave 4, and the index is now attempting a fresh upside rotation.
Scenario 1 – Bullish Continuation (Most Probable)
Price reclaimed the breakout zone near 85,291 – 85,655.
Sustaining above this band confirms upward strength.
Immediate target zone → 86,934 – 88,058 (Wave 3 internal zone).
Strong extension possible into the 90,355 cluster, aligning with Wave (3) resistance.
Trigger: Clean breakout above 85,655 - momentum opens toward the blue target box.
Scenario 2 – Deeper Wave (2) Retest (Moderate Probability)
If Sensex re-rejects 85,291 / 85,655, it may revisit the orange demand zone.
Key support cluster → 83,721 – 82,191.
This zone is still bullish structurally as long as 81,100 is protected.
A dip into this zone prepares a stronger Wave 3 rally later.
Scenario 3 – Bearish Breakdown (Low Probability)
Breakdown below 82,191 - opens retest of major weekly support at 81,100 → 80,482.
Only a close below 79,734 invalidates the bullish Elliott Wave structure.
RSI Observation
RSI has turned upward from mid-range, matching price reaction from support.
No bearish divergence currently.
Supports probability of a continued upward leg.
Major Levels
Upside:
86,160 - 86,934 - 88,058 - 89,555 - 90,355 - 92,450 - 94,555
Downside:
84,677 - 83,721 - 82,191 - 81,100 - 80,482 - 79,734 (critical)
Summary
Sensex is at a decision point. Holding above 85,291–85,655 keeps bulls fully in control, targeting 86.9k - 88k - 90.3k.
Rejection here only delays the upside; deeper support test remains structurally bullish as long as 79,734 holds.
Disclaimer
This is purely for educational and chart-study purposes. Not financial advice. Do your own research before trading.
Sensex continues to respect the medium-term bullish channel. The recent pullback into the support band around 84,300 – 83,700 has likely completed wave 4, and the index is now attempting a fresh upside rotation.
Scenario 1 – Bullish Continuation (Most Probable)
Price reclaimed the breakout zone near 85,291 – 85,655.
Sustaining above this band confirms upward strength.
Immediate target zone → 86,934 – 88,058 (Wave 3 internal zone).
Strong extension possible into the 90,355 cluster, aligning with Wave (3) resistance.
Trigger: Clean breakout above 85,655 - momentum opens toward the blue target box.
Scenario 2 – Deeper Wave (2) Retest (Moderate Probability)
If Sensex re-rejects 85,291 / 85,655, it may revisit the orange demand zone.
Key support cluster → 83,721 – 82,191.
This zone is still bullish structurally as long as 81,100 is protected.
A dip into this zone prepares a stronger Wave 3 rally later.
Scenario 3 – Bearish Breakdown (Low Probability)
Breakdown below 82,191 - opens retest of major weekly support at 81,100 → 80,482.
Only a close below 79,734 invalidates the bullish Elliott Wave structure.
RSI Observation
RSI has turned upward from mid-range, matching price reaction from support.
No bearish divergence currently.
Supports probability of a continued upward leg.
Major Levels
Upside:
86,160 - 86,934 - 88,058 - 89,555 - 90,355 - 92,450 - 94,555
Downside:
84,677 - 83,721 - 82,191 - 81,100 - 80,482 - 79,734 (critical)
Summary
Sensex is at a decision point. Holding above 85,291–85,655 keeps bulls fully in control, targeting 86.9k - 88k - 90.3k.
Rejection here only delays the upside; deeper support test remains structurally bullish as long as 79,734 holds.
Disclaimer
This is purely for educational and chart-study purposes. Not financial advice. Do your own research before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.