The bounce from the lows looks like a (B) wave of a larger FLAT correction, also seeing 1:1 of the internal sub-waves and confined to a channel. The (C) wave can play down as an impulsive 5 waves
Confirmation: We need to go below 50WMA just below 11,000
Target 1: 8500 (C is 0.618x of A)
Target 2: 7000 (C = A)
From fundamentals perspective,
India had the worst quarter with GDP contraction of -23%
A finance ministry report also admitted there is a disconnect between economic realities and equity markets. This chart playing out will bridge that gap
All the best!
Confirmation: We need to go below 50WMA just below 11,000
Target 1: 8500 (C is 0.618x of A)
Target 2: 7000 (C = A)
From fundamentals perspective,
India had the worst quarter with GDP contraction of -23%
A finance ministry report also admitted there is a disconnect between economic realities and equity markets. This chart playing out will bridge that gap
All the best!
Note
Also I expect RSI to curl down and lose steam (red path)
Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.