Hey, we had a range day today and it didn't feel like much. If you look at the previous trend pattern of the parallel channel on my chart, you will understand the reason for today's consolidation. Tomorrow is the RBI Interest Rate Decision, so the volatility will be high. Anyway, it look like there is no chance of a sudden dip tomorrow, but an upturn is likely to happen. If so, it may come between 18850 and 19000.
However, I have mentioned in previous posts that the current trends prospects for a more bearish trending days. And a 5-wave down movement is also marked on this chart which reinforces it further. Such small 5 wave corrections strengthen the trend in one direction. Then it will be consolidate around 18800-900 range and fall down to a big correction wave which might be the 3rd wave of downtrend. And also the 4th wave of correction pattern of November 10.
However, I have mentioned in previous posts that the current trends prospects for a more bearish trending days. And a 5-wave down movement is also marked on this chart which reinforces it further. Such small 5 wave corrections strengthen the trend in one direction. Then it will be consolidate around 18800-900 range and fall down to a big correction wave which might be the 3rd wave of downtrend. And also the 4th wave of correction pattern of November 10.