Long Term View:
As Long as 6499/6549 restricts, the main trend is Down trend.
Down side minimum target 5640 done already.
Other targets on the down side are: 5433, 5136, 4824, 4707, 4394, 4321.
Short Term View:
If 5805 restricts, I expect to see 5526, 5465, 5422, 5359, 5289 on the down side.
From the above chart, I expect still some down side move towards 5579. BUT, if 5586 is the end of wave, we can see upside retracement. So I am waiting for clear picture.
What can happen, if 5586 is the end of wave?
I expect to see upside retracement. The retracement levels are: 5638, 5669, 5696, 5721, 5740(level to watch), 5758, 5805(100%).
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Any move above 5669 confirms the upside correction.
Based on smaller time frames, If 5586 supports and any move above 5619, we may see 5627, 5632, 5638/39, 5652, 5660/5663/69, 5672-5696, 5721.
For Now:
Buyers SL 5584. TGTs: see above.
Sellers SL: 5622. TGTs: 5585, 5526, 5485/60. Don't hold above 5622, Sell can be initiated at higher level as long as 5805 restricts.
These are just my views based on my analysis, Play safe and make profit friends!!!
As Long as 6499/6549 restricts, the main trend is Down trend.
Down side minimum target 5640 done already.
Other targets on the down side are: 5433, 5136, 4824, 4707, 4394, 4321.
Short Term View:
If 5805 restricts, I expect to see 5526, 5465, 5422, 5359, 5289 on the down side.
From the above chart, I expect still some down side move towards 5579. BUT, if 5586 is the end of wave, we can see upside retracement. So I am waiting for clear picture.
What can happen, if 5586 is the end of wave?
I expect to see upside retracement. The retracement levels are: 5638, 5669, 5696, 5721, 5740(level to watch), 5758, 5805(100%).
Any move above 5669 confirms the upside correction.
Based on smaller time frames, If 5586 supports and any move above 5619, we may see 5627, 5632, 5638/39, 5652, 5660/5663/69, 5672-5696, 5721.
For Now:
Buyers SL 5584. TGTs: see above.
Sellers SL: 5622. TGTs: 5585, 5526, 5485/60. Don't hold above 5622, Sell can be initiated at higher level as long as 5805 restricts.
These are just my views based on my analysis, Play safe and make profit friends!!!
