BEARISH SHARK PATTERN IN WEEKLY CHART NOV 24

A low of 4640 is made. An analysis with regards to the importance of the low.



A bearish Shark Pattern has developed in weekly charts.

Considering :-

OX - 5740 - 4720
A = 5400 = 61.8%retr of OX
B (current) = 5642 - 113% retr of OX
If 4640 breaks then next B would be:
127% of XA = 4536
161.8% - 4299

Holding the low of 4640, the next Projections for C are,

Proj for C:
23.6% - 4820
38.2% -4931



The Day chart shows bottoming out and is likely to close above the DAy Lema of 4734 - which is one of the few signs of Short term reversal.
The Hourchart has shown a breakout of the Falling wedge/channel.

with a breakout above the Faliing wedge and due to the 113% retracement in weekly charts, today a buy was initiated at 4725 DEC NF.