We have retraced the downmove from 5700- 4720 by apprx. 9% on the upside in the last two weeks . Now coming couple of weeks may see some consolidation/ range trading before the downmove resumes again. Let us check the Tecnicals -
1. The Daily chart Indicators are in Overbought zone giving a Sell signal (almost ) . But interesting is to check the Weekly chart which has moved from Oversold to Buy. This conflict shows a Range bound / Consolidation Phase ahead.
The Broader Range as shown by Bollinger Bands may be 4800-5200.
2. The weakness is evident in Hourly charts where the Trendline of the recent upmove since 4720-5168 has broken down. But remember , breaking of any Trendline need not be a Reversal of Trend , but only a signal of the End of prevailing Trend in that Time Frame .
3. The Pattern formed may be a Rising Wedge and can be looked as a Wolfe Wave formation . To Read more about it - Click Here
The Price objective of the Target is near 4925 level.
4. The Moving Averages on the Weekly chart indicates an Upmove only above 5180 level and Downmove confirmation on a close below 4920 level with 5030 level as a Pivot .
5. The Bias remains Down below 5130 Level as per 10d Volume Profile.
6.The Elliott wave charts can be read with Basic Count - Click Here and further Updated with Price Targets and Chart - Click Here
We may now have finished the first leg up, Wave A of the wave 4 -C (Y) as per the preferable count.
Now we may be in the Wave B- 4 down for which conservative Targets are shown as in the chart below.
So a Probable Sideways move for Next couple of Weeks , broadly between 4800 - 5200 with possible suprises on downside ( may be below 4800 ) or on upside (may be above series High ). Trade Light untill resolves .