DAILY CHART 19.1.11
30 min chart 19.1.11
Price met resistance at the sliding parallel line drawn on yesterdays chart.Moved down below 5 ema / 20 ema and near 50 sma poised for crossover. Drawn a white ML from P4 with swing pivots P5 and P6 ( todays high) This being a high probability setup , test of the UML will be a good entry point for short position.
Levels for shorting are at 5710 - 5730 levels.
Targets will be previous Swing Low - P5 - 5622
Next target will be Price meeting of Median line .Projecting equal price and time projection of previous parallel swing towards the White median line gives target projections of 5530 levels.Further below meeting of Sliding parallel line will give 5500 levels.
This corresponds with the levels projected with Median lines in the Daily chart earlier.