Since October high's we are seeing impulsive move in price unfolding on the down side.seems like we are in wave 5 sub wave 4,meaning we can expect one more push on the downside till 16500 levels.Right now price seems to be making triangle or raising wedge as per classic technical analysis terminology.
Expecting current bounce to end soon once price breaches raising trendline of wedge or triangle.A close below 17000 would suggest end of wave 4 rise and will start wave 5 of higher degree wave 5.
One can short when price closes below 17000 with a swing high(yet to be confirmed)as initial stop-loss and target of 16500 levels.
Disclaimers:This are just my views and m posting this for my future reference purpose,no position should be build or exited on it's basis.
Expecting current bounce to end soon once price breaches raising trendline of wedge or triangle.A close below 17000 would suggest end of wave 4 rise and will start wave 5 of higher degree wave 5.
One can short when price closes below 17000 with a swing high(yet to be confirmed)as initial stop-loss and target of 16500 levels.
Disclaimers:This are just my views and m posting this for my future reference purpose,no position should be build or exited on it's basis.