DJIA which turned from a Bullish Harmonic AB=CD is now approaching the PRZ (28600-28800) of a Bearish Harmonic AB=CD. Like in the bullish instance which coincided with Ichimoku support, here too the expected resistance tallies with an Ichimoku weekly resistance and a falling trend line. View would negate above 28900
It appears to have completed its retracement after a breakout. Further upside till 4050/4200 could be probable if it can sustain above 3825
As per Ichimoku study it has completed its pullback post the breakout within a rising channel which suggest a probable rally till 575 provided it does not go below 495.
Today's weak opening and recovery so far looks similar to the lower circuit and recovery on March 12, 2020, we know what followed next. BOTTOMS are RARELY made in V shape. They consolidate before gaining momentum. Intra day and stock specific would be a different matter, else let the mayhem fizzle out then look for reversals. Resistance at 9800.
It has activated a False Breakout Continuation Pattern. It could retrace till 360/400 (which also happen to be Ichimoku based Cloud resistance levels) provided it does not go below 305
It has given a breakdown in hourly charts which suggest a retest of 440/425. View would negate if it moves above 466
It has given a triangle breakout which is suggesting 565-570 as long as it remains above 532
It has given a fresh breakdown in hourly time frame which suggest a retest of 500 and then 460. View would be negated above 555
It has activated a C Clamp which suggest a retracement till 1860 is probable, which is also a resistance in weekly/monthly time frame. The level also tallies with a retracement of the monthly bullish harmonic pattern as well as with a probable bearish pattern near it in lower time frame. Two studies suggesting indentical resistance ahead!
In daily time frame ITC has made a Bearish Island Reversal. Even though the impact of this set up usually works after an uptrend, we cannot ignore the repercussion in the current scenario. Until it does not negate the bearish pattern AT 165 upside looks difficult. Above that a short term move till 200 where it has a massive monthly and weekly resistance. Downside...
As per ICHIMOKU study - Monthly, Daily, Hourly, 15mins & 5mins all showing 9800 as crucial. So if we are looking for this Monthly Kumo bottom to hold then we need to be prepared for some consolidation between 9800-8500 also. VIX is at extremes, until it starts cooling be prepared for swings as well if these lows are to be held. However, if again dips lower the...
A weekly close inside kumo (below 1400) could lead to further sharp selling as chikou is free for a down move till 1225-1200 (other end of kumo)