1) Monthly chart - The Trend is up.
2) Weekly chart - The Trend is up, and RSI is coming down from the overbought levels of 80+, last 2 weeks of candles indicate sellers in the market, with wicks at the top. Any close below the shooting star weekly candle confirms it. Weekly Close below 19600.
3) Daily timeframe, 20 EMA breakdown in the huge rally of 16800 for the first time.
4) 4H timeframe has formed a Double top and broken its neckline at 566, there is a probability of 300 points of down move post retesting this zone and bearish candle setup confirmation.
5) 75 min Timeframe shows a descending triangle support broken at 19566. Again points to a down move of 300 points, if retest with bearish setup throws up.
6) Major Supply and Demand zones of various time frames are marked.
7) Fibonacci retracement supports at 19232 - 23% support level, 18773 - 38.2% support level, this level falls within the range of 18887 - 18647 which is the major monthly and weekly supports, hence high probable reversal zone.
Red - Monthly support zones.
Green - Weekly support zone.
Blue - 4H/75 min support zones.
May be worth looking at the green, blue, and red zones for targets when if the market gets shorted at 545-566 retest zone again!
2) Weekly chart - The Trend is up, and RSI is coming down from the overbought levels of 80+, last 2 weeks of candles indicate sellers in the market, with wicks at the top. Any close below the shooting star weekly candle confirms it. Weekly Close below 19600.
3) Daily timeframe, 20 EMA breakdown in the huge rally of 16800 for the first time.
4) 4H timeframe has formed a Double top and broken its neckline at 566, there is a probability of 300 points of down move post retesting this zone and bearish candle setup confirmation.
5) 75 min Timeframe shows a descending triangle support broken at 19566. Again points to a down move of 300 points, if retest with bearish setup throws up.
6) Major Supply and Demand zones of various time frames are marked.
7) Fibonacci retracement supports at 19232 - 23% support level, 18773 - 38.2% support level, this level falls within the range of 18887 - 18647 which is the major monthly and weekly supports, hence high probable reversal zone.
Red - Monthly support zones.
Green - Weekly support zone.
Blue - 4H/75 min support zones.
May be worth looking at the green, blue, and red zones for targets when if the market gets shorted at 545-566 retest zone again!
Comment:
Pls visit
for 15 min support zones.
Comment:
The trend has changed to down in time frames lower than equal to 75 Min.
Comment:
Trade plan updated at
Comment:
Trade completed as per the plan, pls visit,
for the price action analysis of the trade.
Comment:
As planned, retest of 566 zone done and down move in progress, market consolidated in the zone till yesterday's low and then broke it. Can look for a positional move until 19235.
Trade closed: target reached