SENSEX have a strong resistance at 46241 (Fib level 61.80 %).
Rejections at yellow zone ( i.e. Fib level 61.80 %) may push the SENSEX down to 44348 (Fib level -27 %).
Once crossed the green zone (i.e. Fib level 78.60 %), we can expect bullish trend & SENSEX can reach up to Fib level 127 %.
This chart provides overall guidelines about BSE sensex expected levels until December 17, 2020. Althought the Sensex is in overall uptrend, I dont see immediate breakout above the resistence line. Thus in a short term Sensex is expected to retrace.
This is my personal understanding. This is not a recommendation.
1. On week of 27-July made a high of 38617 which is 78% of restracement and respected as resistance
2. On week of 03-Aug it has broken the lows of last 2 weeks and 3 bar candle suggesting weakness a good weakness in the market.
3. Good sign is that it is abave the EMA's and near upper BB
4. Next week market may fall taking support around EMA's &...
the Sensex started its recovery and is forming a wedge..
the 1st wave had 3 up moves of which the third move had tried to break the resistance which in turn failed and collapsed to its support.
the 1st wave is also having 3 up moves of which the third move tried to break the resistance but has failed..
expecting a collapse...
PS: I'm a beginner lever trader...
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