After making a high of 7328.7, the price started falling to correct the impulsive structure, which lasted more than 21 weeks in the corrective channel.
Presently, the price has accomplished wave 5 of wave (C), and the price started moving towards the lower high at 5242. To decide either direction, the trader must watch the price level of 5242 to break either side. The security is trading below the 200 exponential moving average.
If the price sustains above 5242, traders can buy for the following targets: +. However, the price can’t create a new high without the sustention above wave (b) at 6750.
This trade is not biased in a single direction because we are letting the market decide the direction of the trend. Sustained declines below 5242 can lead to a resumption of the trend with the following selling targets: +.