Though the mood was positive on the uptrend continuing , the sideway consolidation for 2 days did not result in upward momentum. 6075 levels at the upward green median line noted on thursday's EOD analysis was touched today.Stoch indicator was at oversold levels , so to ascertain probable direction the blue pitch fork was drawn during trading hours in the 15 min chart .The prices slowly moved sidewards and came down towards todays blue median line and crossed it forcefully . The target expected down is at 5947 levels.target calculation is 2 ATR of pivots 6025-5964.As the previous wave is a 5 wave structure this can be corrective 3 wave ending at 5890.
More levels are projected in 60 min chart for downside targets.The levels are marked at junctions of median lines with slope lines of probable waves.
DAILY CHART 6.12.10Expecting support at 5890 - 5870 levels for next upmove .If prices move below 5850 levels then scenario will become negative .
No comments:
Post a Comment