Description
⋅ Falling wedge (Ending Diagonal) is normally the end point of any corrective structure in EW terms.
Even the current structure seems to have completed with this ED.
The correction halted (if it has) near the golden ratio of the last rise from June lows.
Today's close will be crucial in assessing if the correction is over - close coupled with Buy crossover in momentum indicator will confirm.
Above 398-402 zone, the recovery could pick up speed as call writers may run for cover (we are already seeing covering in 410CE today).
Can the price give a scare to 420CE writers (having highest OI).
Lets see....
Comment
⋅ 16th March Gap area acting as resistance today.
Will this be taken out with another gap ?
We will see...
Comment
⋅ Gap zone is proving too stiff resistance...
Lets see how this develops
Trade closed manually
⋅ Objective was not achieved...