The index open with the gap down and saw a follow-up sell-off as well.
It formed a Big Bear Candle, which closed near its low.
Now the Same candle would act as a resistance for any bounce if any, however it looks like we might see some more sell-off in the Index and it may extend to 16150 - 16250 levels.
Hence it's a sell on rally market, any bounce if comes, would be an opportunity to open fresh short trades.
There is also Harmonic Patterns Probability on the charts
1. ABCD Pattern prz zone: 16150
2. Butterfly Pattern prz zone: 16300-16240
Disclaimer: Purely Education, not a recommendation to trade.
It formed a Big Bear Candle, which closed near its low.
Now the Same candle would act as a resistance for any bounce if any, however it looks like we might see some more sell-off in the Index and it may extend to 16150 - 16250 levels.
Hence it's a sell on rally market, any bounce if comes, would be an opportunity to open fresh short trades.
There is also Harmonic Patterns Probability on the charts
1. ABCD Pattern prz zone: 16150
2. Butterfly Pattern prz zone: 16300-16240
Disclaimer: Purely Education, not a recommendation to trade.
註釋
17000 would act as a Resistance
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