Hello and a warm welcome to this analysis using Ichimoku and Harmonic Patterns
We can see in daily time frame A bearish butterfly near 4200 in early SEPT lead to a sharp decline till end OCT to 3200.
Now in the bounce back it has activated a bearish reciprocal ABCD that is near the falling trend line.
As per Ichimoku we can see the Base line has gone very far from spot price. Suggesting sluggishness to pullback probability till 3700 which is the Kumo support as well as 38% retracement level of the Harmonic pattern.
The view would be invalid if it trades above 4030.
We can see in daily time frame A bearish butterfly near 4200 in early SEPT lead to a sharp decline till end OCT to 3200.
Now in the bounce back it has activated a bearish reciprocal ABCD that is near the falling trend line.
As per Ichimoku we can see the Base line has gone very far from spot price. Suggesting sluggishness to pullback probability till 3700 which is the Kumo support as well as 38% retracement level of the Harmonic pattern.
The view would be invalid if it trades above 4030.
Trade closed: stop reached
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