One can check couple of previous Posts to get the Trading insight and EW Counts being followed . Check charts there for developing Negative Diversions appearing in the resistance zone of 5950-70 starting for 10 min and moving to Hourly and Daily time frame and now in Weekly .
The Charts and Observations have been updated below. -
1. Weekly :
2. Daily :
3. Hourly :
4. Fibonacci Retrace :
5. Pattern :
1. Resistance zone remains 5950-70 on closing basis , below which the bias is Down . Sell on Rise Market Positionally .
2. 5910 to act as immediate resistance on closing basis in short term .
3. The down move may continue in near term for targets 5810,5790,5745. (May just whipsaw 5800 to move up also this week )
4. A corrective up move may develop in short term to retrace this down move from 5965( Wave B-4 ). It may then bring a further down leg to complete this corrective as a whole (Wave C-4) . The targets later may be 5715,5600,5550 in medium term TF ,if this probability holds .
5. Up move now to resume only on close above 5970 which may invalidate this probability discussed above . Caution for bearish view on close above 5895-5910 in short term .