Based on latest prices, trade plan needs to be fine tuned. Prices have closed above 10Sma 11845 & 50Dsma-11321. In the current scenario, 1 possibility remain:- (Unless Mkt changes direction breaking key level)
- Corrections done @ 10670 and Prices are impulsing up in a new uptrend with a 1st wave done @ 11695, the 2nd wave done @ 11090, & the 3rd wave is unfolding as long as prices are kept above 11500.
A new uptrend unfolding with a first 5 done from 11850 – 12003; now, 2 options:
- Next uptrending wave may have started from 11947, keeping above 11985 OR, it would revist 11945 as a complex correction.
- Below 11945, it can have deeper correction towards 11925 or 11890.
If holds 11990-12000, strength would continue towards 12050-065 & above which 12105 or 215+.
If kept below 12025-030, weakness would return towards 11980-985 & below which 11925-945.