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D-F Line support has caused a
considerable recovery
On arithmetic scale, D-F line
support has proved to be a substantial one which caused smart
recovery. We still go with 'G' from 15358 of larger diametric, though
it is consuming a bit more time vis-à-vis 'A' as an exception to the
rule.
We are probably in 'c' wave of second corrective after small 'x' (see
chart). This second corrective will be either 'Flat' or 'Triangle'. If
it is Flat, today's high should be the end which will be of course
confirmed upon faster retracement of 'c' of Flat.
Motion line will turned down below 17092, creeping in more weakness.
Decline with faster pace thereafter, will lead to a break of D-F line
and point 'b' at last. This scenario will be bearish one, causing
reversal soon enough.
On the other hand, trading above 17350, will provide strength and
market can rally for 'c' up to dashed line resistance at 17575 (see
chart). Such scenario will be a triangle in second corrective, of
which 'd' and 'e' will be required to be completed before breaking the
triangle on downside.
Traders should watch those level to position accordingly.
Supports for
the day are at 17120/17068/16998/16963/16880 and resistances are
placed at 17274/17350/17417/17460.
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