Price reached median line at 6325 range and started to reverse from 5.11.10.I charted the green pitchfork to watch how the scene unfolds.after meandering for 3 days , still within the green UML .another mini median line drawn in blue was done to establish the direction. probabilty for price to reach LML .Entered my shorts at 6309 NF on wednesday.EOD was undecided but the median lines were proved on Thursday.What a fall.The price hit the LML of mini fork exactly at fib retracement.
Will be looking out for price to reach LML of red fork / further down to the green fork.before reaching down the price can retest the blue median line.If so on test and failure will add one short position.
A divergence in the STS indicator will be watched out to close my shorts and reverse position.
I wish to thank Ilango sir from Just Nifty blog in using the SToch indicator with 35,3,3, settings which is proving to be an excellent lead indicator for my analysis.I'm using it to identifying the pivot points for drawing the median line .