Following are the developing observations -
1. The absence on any trending downmove puts a question mark on the start of the 5th wave(as suggested in the last post) , It should still be considered a continuation of the 4th. A likely Triangle pattern of the 4th can be as shown in the chart below. It also is emphasized by the low volumes of the trade.
2. The 'e' leg of the 4th may be the last leg of the upmove in this pattern, so one should be cautious now in counter trend trades (long) as it may or may not reach the desired level and end truncated.The Volume Profile Resistance shown in the Weekend Post , near 5500/10 level may hold for this upmove.
3. The 2 day trading has developed the high volume node at apprx. 5365 level which also is the trendline support of the Triangle.Trading below it now will open the doors for further downmove . Also the volumes at this support are on the lower side in the larger TF profile.
4. Today's trading was resulted by the positive diversion developing since weekend , and now the intraday chart has developed a negative diversion. It should be traded with caution as any opening upmove above 5450 can negate it. (may give an initial dip followed by upmove resisted at 5430/50 tomorrow if 5360 holds)
5. As suggested in the Weekend Post , now 5450 should be used as SAR to manage trade in case of any upmove .