A possible is in place & invalidates if goes below 430 level. Here as well limited downside is left & we are close for a bounce upside but no confirmation yet which we have been searching since last few updates.
How are we moving in the long term chart- can refer my previous updates in my profile page
On sustained move above 435 & holding above 435 -I shall look for the current leg, which started from 515 highs to end in the zone 430-435 but have no confirmation yet.
Going above 443 can put this fall to end & shall give firm footing for some relief on the upside.
Wish you all a happy good friday.
Searching for a temporary bottom & considering an alternate count of extended wave 3 which is yet to be done & travels 161.8% at 408 which is double bottom as shown in the monthly triangle update & important support.
Currently- at 425 which also should act as support & we are looking for a turn upside for atleast 448-452 zone minimum target for the bounce once it sustains above 430 next.
We shall look for resistance in that zone & fresh selling for target zone 408-410- where wave- 3 travels 161.8% of wave 1 (red wave)distance.
In the larger picture – dropping from 515 is surely impulsive & every bounce should be used for selling & looking for lower targets.
Did not hold 425 which was critical level suggesting the fall from 515 is very hot & impulsive & got even extended - we are looking for a bounce which could be sizeable upside because of the extended downside move.
Next Support comes at 414-416 Zone & later 408-409.
Closing this post at 417-Price
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ