Last Week's candle - Hanging man.
The "break out" point, if any, during corrective phase in uptrend is above 21/ 34 Hr sma-8065-85 & this changes with each passing hour & gets updated in the "Hour Chart".
FII's have net sold in the last five days, & big on last two days with a rising VIX...
Week has been in overbought zone with continuing -ve divergences and hour is heading to oversold zone & the day is heading down from the OB zone.
The number quite relevant is "DEma" -8048 & 8069, Wk.Pivot.
Prices have broken down below the channel bottom.
Prices suggest of:
a) a major correction is underway for the rise from 5933 to 8180 with "A" wave completed at 7925 & "B" done at 8160 .
b) the 4th wave unfolding for the rise from 7422 & may have completed at 7950.(Break of 7841 would negate this view)
c) The rise from 7540 to 8180 is undergoing a correction & likely to hold above 7856-62/ 50 dsma.
Bearish scenario opened below "8055"..
Bullish scenario open only above 8080 & 8160.
For intraday, mild strength above 8025, 2- hr High..
Major support exist at 7856-62/ 50 dsma.
The "break out" point, if any, during corrective phase in uptrend is above 21/ 34 Hr sma-8065-85 & this changes with each passing hour & gets updated in the "Hour Chart".
FII's have net sold in the last five days, & big on last two days with a rising VIX...
Week has been in overbought zone with continuing -ve divergences and hour is heading to oversold zone & the day is heading down from the OB zone.
The number quite relevant is "DEma" -8048 & 8069, Wk.Pivot.
Prices have broken down below the channel bottom.
Prices suggest of:
a) a major correction is underway for the rise from 5933 to 8180 with "A" wave completed at 7925 & "B" done at 8160 .
b) the 4th wave unfolding for the rise from 7422 & may have completed at 7950.(Break of 7841 would negate this view)
c) The rise from 7540 to 8180 is undergoing a correction & likely to hold above 7856-62/ 50 dsma.
Bearish scenario opened below "8055"..
Bullish scenario open only above 8080 & 8160.
For intraday, mild strength above 8025, 2- hr High..
Major support exist at 7856-62/ 50 dsma.
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