Bullish Scenario: The harmonic patterns have put me in cautious mode and keep me so till 10120 is breached on the upside, that would probably give an early signal that the harmonic patterns would fail. Beyond 10120, bulls may be active to achieve 10180-10190 and probably 10220-10230.
The Pullback Scenario: If market reverses from 10080-10120 then 10032 would be the level to watch out for. Above this level cautious bullish scenario would work. Below 10032, the 9900 level would be quite possible. At this level the pullback may end, and a reversal is possible.
Extreme Bearish Scenario: If next week market goes below 9900 (highly unlikely) and sustains below 9975, then possible bearish targets are mentioned on the chart.
Hit like
Thanks Bravetotrade
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The Caution Zone held the price for today.
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Market tanking down, perhaps for 9900?
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Market reversed right from the anticipated caution zone. The next opportunity i would be watching for short would be in the area of around 10035 to target 9920
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No sell opportunity at 10035 and 9920 already hit. Next trade could be a buy in the reversal zone.
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While writing this post i had no idea that the targets on the downside would be achieved too early. I was expecting at least one more pullback on upside before hitting these targets.
Currently, the Index would face resistance @ 9900 but the confirmation for bulls would be above 9950; from where 9990 and 10020 can be expected on the upside.
If it breaks 9836 again then 9794 is quite possible.
Trade Safe.
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9794 hit
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heading for 9712
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Expecting a pullback to resistance zone before fresh short.
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I would consider buying at extended bear target, but only if it shows some sort of hold there.
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As the index is trying to hold at the support, i will consider buying at 9745 for 9775.
@Parasuram, Might be. But we have not seen significant pullback since 10083. I dun wanna be biased but who knows if we may taste 9850 today or break 9707.
Parasuram
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if one had shorted as per ur suggestion yesterday morning one would have got 140 points plus