We are in a BIG corrective pattern in the form of a potential WXY pattern from the TOP of 12410 to the BOTTOM of 7510 ... W and X seems completed now.
If y has started it shd be in the form of yet another impulse 12345.
X low is the key if it goes ...this wave is invalid.
Kommentera
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Touchdown we are 50% retracment....
Kommentera
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now 50% retracment done key psycological resistence now at 10000 on weekly closing basis///i think bears will protect it by weekend...
for 61% retracment and the completion of the wxy pattern we need a weekly close or 2 consecutive close above 10K fr further upside...
since moodys downgrade was digested by the markets ....need to be cautious on this may be thr are some late pending sell orders in the market which will be executed.
Kommentera
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Gud to see we are above Point W now.. impulse 3 wave of 12345 of Y is massive. ....
Kommentera
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well the bulls did protect 10k weekly ... honestly i thought this will take some time before it gets to the final tgt and the wave completion.