This is for education purpose only and may not be useful for trading
EOD view: gap down opening sets the tone for this week. However, 
markets are still holding above 2660 spot and are also at RSI supports. A bounce is possible but if this does not happen, then a break here can lead to retest of earlier lows at 2500/ 2200.
Regarding the triangle, if the break on downside is valid, then we can expect 2970-(3237-2503)=2236. If recent peak is considered, then target is 2798-(3237-2503)=2064.
The 'panic' low made in this correction would be the last phase of the price wise correction.
Weekly charts: this week opens with a gap down and threatens a break of 2660 and a retest of 2200. Clearly, markets are unable to sustain above RSI resistance (14 bar).
20 day swing : the recent buy signal has failed and SL for sell is at 2970. The sell has been generated near supports so this signal will become safe only on confirmation.
markets are still holding above 2660 spot and are also at RSI supports. A bounce is possible but if this does not happen, then a break here can lead to retest of earlier lows at 2500/ 2200.Regarding the triangle, if the break on downside is valid, then we can expect 2970-(3237-2503)=2236. If recent peak is considered, then target is 2798-(3237-2503)=2064.
The 'panic' low made in this correction would be the last phase of the price wise correction.
Weekly charts: this week opens with a gap down and threatens a break of 2660 and a retest of 2200. Clearly, markets are unable to sustain above RSI resistance (14 bar).
20 day swing : the recent buy signal has failed and SL for sell is at 2970. The sell has been generated near supports so this signal will become safe only on confirmation.
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