So I will receive brickbats for this but what the hell, let's be pragmatic.
On a long term trend we are aiming to break the parallel channel which so far was intact in a hyper bullish narrative.
Note the bearish divergence!
Bull trap likely in place, will hit key resistance 1 at ~16100 and most likely we trace from there.
NOTE: this is a cyclic correction...
Volume Profile has been an excellent indicator for the S/R
Price pump in 30 days to the tune of 67% from Feb21-Mar21 within 30 days!
Expecting a similar drawdown soon.
Volume precedes price, and it's coming down fast. NSE:TATACHEM
Gold has always been the flight to safety.
With ongoing economic turbulence across countries due to Corona V2.0 aka Lockdowns v2.0, gold will prove itself as the numero uno store of value this year.
Needless to say Q1 2021 has been the worst for the Indian Rupee. Indians don't have the option to hoard $$ legally but only GOLD.