After a dull expiry for Jan series and big move on Friday, lets check out the charts as of now -
Last Week's summary -
- Positional Bias remains Down till it closes above 7480 as mentioned in the last Post.
- There is a Probability that only 3 waves of C have been completed and we may retest the low 7242 / go further down in this Week to complete the C as in chart .
- Trading below the 7400 level and Upper T/L would be a Bearish Signal in line with the above probability.
- Above 7480, we may test 7520 and 7600 apprx
The Expiry Week traded above 7400 and below 7480, a sideways consolidation, which broke out above 7480, the first hour high on Friday.
- Now the Bias in Short term is Sideways to Up above 7480.
- 7480-7520 is the Support zone moving forward.
- Target Up, holding the support zone in short term is apprx. 7700 +- 25.
There is a probability of a fast move to Channel top if Shorts remain persistent in the system.
- Close below 7480 may change the Trend to Down again.
- Higher Time frames are yet to reverse which calls for caution.