60 min chart
Price was supported exactly at the schiff median line support.The price zoomed up as soon as it reached 5400 levels.Now closer to Orange median line the probabilities of Long and Short trades still exist.Will let the price action on tuesday confirm the trend.Price being higher than 50 sma , the Long option is stronger.Also a possible head and shoulder pattern is seen.Break of neckline is at 5600 levels which can add to the momentum.
If it gaps up, enter / add to long position.
If price goes below 5 ema / 20 ema then look out for crossover of 50 sma downwards to aim for the lower targets.
Looking at the downsloping channel, the swing count is 4 swings only.Normal count is 3 / 5 / 7 swings which makes this major downswing incomplete.The 5th swing will be formed if it touches 5100 levels .Will the price touch the trendline?