These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.In spite of the huge down day today, the technical position still has not changed.
The blue circled supports still stand good.
Short term traders could well stay out, while longer term traders could monitor the previous cluster of supports around ~5100 for signs of strength or weakness. If these clusters of supports are broken, then we may well see the index testing the previous bottom around the 5000 levels. If that too does not hold, then the next bottom of ~4450 may be tested.
That is a large number of points from here, so it is suggested to avoid the temptation of bottom fishing. Please wait for the emergence of a short term bullish pattern to buy.
It has stood us well over time, so let us not tempt the demons of capital loss.
Trade happy after planning your trade.
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