Looks like, its inching towards completion of this consolidation after that furious dump. Honestly , its a bit difficult to say how it will or might turn out. But I have my most probable count bearish
which i'll be watching and playing for the next few weeks. i have taken this downturn as an impulse on the shorter time frames as it all happened so fast . So that means my count has it doing a consolidation after the 5 waves down. This consolidation itself is giving bearish
indications which is the sole reason for me being bearish
short term. This Larger C in the end is looking more like an extended flat . would be interesting to see if goes up up to give bearish
divergence on the RSI
or it could all be for nothing and it goes for an extended c of C or a larger WXY up . In that case it could look something like UTAD ( INR
275-340) . Both short opportunities are good enough with confirmations . we'll know as new information comes in.
This count is valid till it stays below INR
695-700 range. Any below this level could be considered as larger wave 2 up.
Conclusively, this impulse could be making a larger WXY correction downwards so if you have patience , you'll find out there are several profitable plays bothe ways in DHFL
right now as i see it .
A break below INR
175-180 range would confirm this count .Just remember , Sideways is never out of the picture.
This is not an investment advice and just a picture of how I see it. Opinions may vary from person to person so make your own decisions and trade on THEM.