CARNAGE

Last 1-2 hrs of trade was nothing short of carnage, all technical levels of support just collapsed..It was unwinding all over specially in last 1 hr..Now What..Below 4550 we head towards the 4400 zone as this correction is now based on 3918 wave and its retracement with todays selling..4730-50 now happens to be the good resistance in coming days..Trade accordingly..cheers..

GOING AHEAD

Markets after the break open again to a global weakness still. Refer to the chart i posted on 24th october..4690 was a tentetive target based on the WAVE start from 4350..Below this We are moving in the territory of the wave which started at 3918..supports lie around 4600 zone for the time being for a pull back of some sort due to oversold positions, after which markets will decide the course of action..Structural change is already there for the 8 month ride up now..weekly S/R is 4810-20 with a range of 4450-5150..enjoy your trades..cheers.