Towards upside bulls can target 5260-5350-5400 levels and towards downside 5120-5073-5065-5053-4980-4900 -4840 would be support.Momentum to remain bullish once 4950 is protected.I am anticapting wave -4 correction may go to 5053/4950 .However overall trend to remain bullish once 4900-4950 is protected.
Trend/Momentum :Daily and Weekly Chart have reached overbought Territory and Given bearish reversal on daily chart .
Pattern : Impulsive 5 wave pattern . Wave-3 completed. Wave -4 started (may go back to 5053/4950 )
Position: Price cluster exit at 4980 ,5100 and 5220-5240.
Action : Trade management => If pullback happen, exit 1 lot @ 5100 and keep another lot with stoploss of 5200(TRT).
Potential Trade setup:
1.SAR 5045-5065
Follow up SAR trade (ST)
1. No Trades
Follow up Trend reversal trade (TRT)
1.Sell 5140 Stoploss 5160 -Stop out (loss= 20 points)
2.Sell can be done near 5220 level with stoploss 5250 (TRT) (Open)
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