Price is at important point structurally, as we are making double top with 8968 top. Another observation is we are having divergence on MACD. Current week is an important week on time analysis, we are completing 365 days that is one year from 6825 low.
If you will observe the same on weekly chart then approximately in 365 days from earlier small or big top or bottom we will form next small or big top or bottom. In weeks terms this is 52 weeks, another example of magic of number 52. :-)
On zone analysis--
Zone above the price is till 9119, any long trade can be taken only if price closes above 9119. We can see that zones are nearby which can lead to more volatility if we move down. Traders need to be alert in such moves.
Up on closing above 9119 price pont we will move in new area of trading where zones will not help us, in such areas we will have to take help of Market structure, Fibonacci and trailing of stops. 127% of earlier move will be important price point.
On channel analysis--
Channels are marked on the chart, traders can take help or even trade the channels if they want. Make sure that you back test such policies and understand how price responds to price channels.
levels above 9119, we dont have anything on the left of price hence this is new area for frice. i am using fibonacci to project the resistance points.
dhananjay.d.joshi
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we will have a big move after 13th of this month, number 52 analysis shows it.
dhananjay.d.joshi
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@dhananjay.d.joshi, as we expected we will have trend changer @ 13th. Election results confirmed it. Hope traders are benefited due to 52 time analysis.