2.Volume Profile : The volume profile shows initial support for the upmove at 5595 level and major support for positional trading at 5490 level.
3.Trendline: Keep an eye on this trendline break for some correction in near future.
4.EW count: The probable EW count for the upmove since 5350 shows the 3rd wave is on
( with maybe some upmove left in the last leg,if not completed on thrusday ).This cautions us for some correction in the 4th wave that may not go down below 5515 level.
5.Option Analysis: As was indicated earlier, the range shifting has taken place from 5400-5600 at the start of the series to 5500-5700 in this week. Now the 5500 puts have O.I. of over one crore and 5700 calls have highest O.I. of call side above one crore.
6.Fibo -Retrace: If this upmove ends near here than the probable targets for the correction may be near 5575-5530 zone.It also concurs with the EW count and the Option Analysis.
Have a Great Weekend !!!!