SENSEX : to correct 10% from here ?
SENSEX
after the index had a spectacular rally for more than one year
from 2020 ( march ) covid crash low of 25000 levels to 52300 in 2021 ( june )
is heading towards major resistance ,
and can have a correction of 10% from here ,
due to many valid factors
factor 1 : bearish harmonics pattern ( monthly )
factor 2 : fibonacii reversal zone 1.618
factor 3 : resistance & upper resistance trend line
factor 4 : stochastic RSI at overbought zone of 100
factor 5 : highly stretched valuation
from CMP 52300 can correct up to with
targets : 49100 / 47740 / 46160 / 44315
stop loss of 53875 closing above trend line
after the index had a spectacular rally for more than one year
from 2020 ( march ) covid crash low of 25000 levels to 52300 in 2021 ( june )
is heading towards major resistance ,
and can have a correction of 10% from here ,
due to many valid factors
factor 1 : bearish harmonics pattern ( monthly )
factor 2 : fibonacii reversal zone 1.618
factor 3 : resistance & upper resistance trend line
factor 4 : stochastic RSI at overbought zone of 100
factor 5 : highly stretched valuation
from CMP 52300 can correct up to with
targets : 49100 / 47740 / 46160 / 44315
stop loss of 53875 closing above trend line
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