SENSEX has two possible chart pattern scenarios standing out among others for me . On the 4 hr, My primary pattern for any play is the Ascending triangle with initial target near 38950 level. Although,There's a bearish pattern (Bear Flag) in play too but I'm not too confident about it, as the flag consolidation is roughly >/= 50 % of the flag pole. Also there's no sign of trend exhaustion on this move up from the last recent swing low on the 4 hr, where it gave us bullish divergence before moving up. But that doesn't confirm that it wont go down . It always can. If it does, my initial downside targets for the flag breakdown are around 32000-30000 ranges. Strong break of patterns either way would be a nice confirmation to enter a trade.
I'll post my probable count for BSE below.
Remember, this is not a financial advice and just my view of the market , how I THINK its going to play out.
I'll post my probable count for BSE below.
Remember, this is not a financial advice and just my view of the market , how I THINK its going to play out.
This is my primary count which has it a larger 1 completed with 5 waves up done, which means it has an impending 2 coming up next on the longer time frames.
My bullish case for this chart would be with an extended 3 ending at the ATH and doing a 4rth right now. However, that big bearish divergence with the RSI at the ATH got me in thinking IF thats the case.
Thank You