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Larger "DIAMETRIC"
within 'B' (in circle) ends
'G' of Diametric from 15358 is a complex
corrective i.e. Zigzag + Flat (see chart), which consumed 6 days
instead of 5, given in previous issue.
This was simply because, after going through lower scale charts, it
was found that the termination was at 17211, a lower high point
(refer chart again). And breakdown of 16606 (see horizontal line)
happened on Tuesday i.e. on 5th day and therefore it was a faster
retracement of preceding segment form 16606-17211.
Tuesday's drop was on the back of hawkish credit policy which was a
reason enough to give such faster retracement effect and to confirm
the end of 'G' with reversal of trend.
With this, 8 months rally as "Diametric" from 8110-17211 comes to an
end where, either 'B' (in circle) ends and 'C' (in circle) opens
down OR only wave 'X' has opened down before second
corrective opens up. This remains to be seen and hence, downside
targets will be communicated in near future.
For now, traders should look for shorting on every rise. Supports for
the day are at 16311/16274/16185/16120/16002 and resistances are
placed at 16419/16482/16560/16606/16706.
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