"Good morning, Friends! 🌞
Here are the market directions and levels for June 13th:
Market Overview
Several external factors have led to a significant decline in both global and local markets this morning. Consequently, Gift Nifty is indicating a negative start of 280 points.
So, what can we expect today?
Based on current sentiment, if the market opens with a large gap-down, the overall bias will shift to negative. However, this could be a temporary scenario, and it's difficult to predict how the market will react to this incident. If the decline sustains structurally, it could signal the third wave of a correction. Therefore, the market may continue to move downwards, potentially with some consolidation, as the fourth wave is typically a consolidation wave, followed by a fifth wave of trend continuation (correction). Let's examine the chart.
Current View
The current view suggests that if the market sustains the gap-down and breaks immediate support levels, we can anticipate further continuation of the correction, possibly with some consolidation.
Alternate View
The alternate view suggests that if the gap-down does not sustain and the market experiences a solid pullback, it may re-enter a range-bound scenario. This means that until it breaks the 23% Fibonacci level, the market is likely to maintain its bearish sentiment. However, if it breaks above the 23% level, we could expect a bounce back towards the 38% to 50% levels in the current swing."
Here are the market directions and levels for June 13th:
Market Overview
Several external factors have led to a significant decline in both global and local markets this morning. Consequently, Gift Nifty is indicating a negative start of 280 points.
So, what can we expect today?
Based on current sentiment, if the market opens with a large gap-down, the overall bias will shift to negative. However, this could be a temporary scenario, and it's difficult to predict how the market will react to this incident. If the decline sustains structurally, it could signal the third wave of a correction. Therefore, the market may continue to move downwards, potentially with some consolidation, as the fourth wave is typically a consolidation wave, followed by a fifth wave of trend continuation (correction). Let's examine the chart.
Current View
The current view suggests that if the market sustains the gap-down and breaks immediate support levels, we can anticipate further continuation of the correction, possibly with some consolidation.
Alternate View
The alternate view suggests that if the gap-down does not sustain and the market experiences a solid pullback, it may re-enter a range-bound scenario. This means that until it breaks the 23% Fibonacci level, the market is likely to maintain its bearish sentiment. However, if it breaks above the 23% level, we could expect a bounce back towards the 38% to 50% levels in the current swing."
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.