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Fibonacci Extension: The current rally has hit the 1.272 extension of the previous correction. The next major resistance aligns with the 1.414 extension at 23,350.
Harmonic Pattern: A Bearish Butterfly Pattern is nearing completion. The Potential Reversal Zone (PRZ) is calculated between 23,320 and 23,350.
🛡️ Support and Resistance Levels
Resistance 1: 23,320 (Harmonic PRZ)
Resistance 2: 23,400 (Psychological Round Number)
Support 1: 23,220 (Previous High / Support Flip)
Support 2: 23,150 (0.382 Fib Retracement)
🎯 Strategic Trade Setups
Scenario A: The Reversal (Short)
Valid if price rejects the 23,320 zone with a bearish pin bar.
Entry: Below 23,280
Target 1: 23,220
Target 2: 23,150
Stop Loss: 23,360
Scenario B: Breakout Continuation (Long)
If price closes above 23,350 on strong volume.
Entry: Retest of 23,350
Target: 23,450
Stop Loss: 23,300


