The anticipated orange rectangle zone has been hit and it looks like the market has completed the impulsive wave progression. Currently this index is in corrective cycle and so far the wave progrezzion does not looks too much impulsive, so it might mean that wave XX is in progress. So far the decline has been marked as wave a and the upside correcting move has been labeled as wave b. There is one more wave to the donside missing here and the projected target level is @ 12924. From thchnical point of view the BEARISH FLAG patren is visible as well and breakout below the blue channel supports the bearish case. Please notice that the corrective move might get more complex and time consuming.
Support/Resistance:
15376 - 15400 - Technical Resistance
13885 - Wave a low
13160 - Technical Support
12924 - Target level for wave c
Trading Recommendations:
Go short if the blue chanel is broken with SL above the level of 15376 and TP at the level of 13885 and 12924.
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BEFORE AND AFTER CHARTS:
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