SENSEX can get sell off upto 2-3% more? BE CAUTIOUS !!!!!!
considering my demand zone from 61250 - 62000
and recent resistance from 67620 - 66850
price has been forming lower high and lower low
can continously decline
on aug 24 price tried to break free above previous lower high of 16 Aug
but failed and resulted into a breakout failed
the yellow then indicates the descending selling pressure area
from demand zone to supply zone as marked i use fib retracement
and found out there is probablitiy of 350-1900 pts downside
this downside will be consider if no previous lower highs are breached and price continue to make lower lows
white dotted lines are the support area confluncing the fib ratios
63250 - 62750 zone where price will start getting some pullback from buyer side as we see a liquidity zone or previous sideways area 62750 - 62000 are the zone where price has not mitigated and theyre open zone for the retest on higher time frame
will be updating on same post about further movements
and recent resistance from 67620 - 66850
price has been forming lower high and lower low
can continously decline
on aug 24 price tried to break free above previous lower high of 16 Aug
but failed and resulted into a breakout failed
the yellow then indicates the descending selling pressure area
from demand zone to supply zone as marked i use fib retracement
and found out there is probablitiy of 350-1900 pts downside
this downside will be consider if no previous lower highs are breached and price continue to make lower lows
white dotted lines are the support area confluncing the fib ratios
63250 - 62750 zone where price will start getting some pullback from buyer side as we see a liquidity zone or previous sideways area 62750 - 62000 are the zone where price has not mitigated and theyre open zone for the retest on higher time frame
will be updating on same post about further movements
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