Diamond Shaped Diametric Pattern Completed And It Broke Trendline Support.
As it broken trendline lets assume this is gonna be some sort of complex correction which il head lower in coming days.
Now things to expect After Completion of Diametric is,
If ongoing rally from low of Wave g is Wave x then it shouldnt retrace more than 61.8% of Prior pattern (Diametric).
As diametric tend to have some contractions & expansions in between ,so its difficult to identify perfect channel line.So,i took some clue from Rsi oscillator.That il be a probable channel line.....
Draw a trendline connecting lows of Wave a & c then draw a line from top of Wave a & d.....(This is probable channel line & trend may continue down untill its with in this probable channel line.....
Invalidation is 229 Which is 61.8% retracement of Prior pattern.
If it moves above our tentative channel line but doesnt go beyond 229 & falls ,then we have to re draw channel line from top of wave a to end of wave x.....
Strategy is Sell On Rise.
As it broken trendline lets assume this is gonna be some sort of complex correction which il head lower in coming days.
Now things to expect After Completion of Diametric is,
If ongoing rally from low of Wave g is Wave x then it shouldnt retrace more than 61.8% of Prior pattern (Diametric).
As diametric tend to have some contractions & expansions in between ,so its difficult to identify perfect channel line.So,i took some clue from Rsi oscillator.That il be a probable channel line.....
Draw a trendline connecting lows of Wave a & c then draw a line from top of Wave a & d.....(This is probable channel line & trend may continue down untill its with in this probable channel line.....
Invalidation is 229 Which is 61.8% retracement of Prior pattern.
If it moves above our tentative channel line but doesnt go beyond 229 & falls ,then we have to re draw channel line from top of wave a to end of wave x.....
Strategy is Sell On Rise.
Try Selling Near 213 - 215 (Channel line resistance il be around 218 - 219)
SL 229
Tgts 185 - 170