That last retrace to around 9400 could not be B wave and actually wave 4 of 5 wave impulse down.
If that was 4th wave, we are now in wave 5 and can get bottom at 8.7k where 0.382 fib level of 1-5 impulse (green circles) is and a green trend line is also coming which may work as support.
In this case that big head and shoulder may get failed and if it play out we may see around 8k.
In very near term we need to watch 8.7k level closely which is proven historical support and resistance.
Follow and share with others for next update.
If that was 4th wave, we are now in wave 5 and can get bottom at 8.7k where 0.382 fib level of 1-5 impulse (green circles) is and a green trend line is also coming which may work as support.
In this case that big head and shoulder may get failed and if it play out we may see around 8k.
In very near term we need to watch 8.7k level closely which is proven historical support and resistance.
Follow and share with others for next update.
Trade active
Wow , reached 8.7k fast. Have an eye on that green support line. May bounce around there :Trade active
Wow, 8.7 k held for sometime and then broken. Again a bear flag building. Target around 8300 if this playout:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.