JAIN IRRIGATION DVR on a downtrendNSE:JISLDVREQS BSE:JISLDVREQS
Present scene..
1.The Kumo cloud in the weekly will give temporary support to the falling prices ..
2.The Price action is present between weekly support S1 and weekly pivot
3.The 0.283 arc support
4. Median line of pitchfork , price magnet theory..
5.Fibo support of 0.5BC of the Reciprocal ABCD...
Why crack down expected...
1.The is a small kumo cloud escape zone
2.A Reciprocal ABCD is expected to form
3.Expanding wedge
4.The 0.382 arc is the actually support arc waiting...
5.Price failure theory if andrew pitchfork
6.Bearish Divergence
The downside is expected to halt at the green 0.382 line of the pitchfork , which also completes the reciprocal ABCD formation and is the 0.618 support arc, also validated by the 0.786BC of the reciprocalABCD and weekly support S2..
And as this is a bullish reciprocal ABCD , a upmove is expected to start after the downside , whose primary resistances can be expected to be at 0.382DC and 0.618DC respectively....
Disclaimer... this is not a time dependent analysis....No current investment
This is not an investing/trading recommendation....
