Wave Analysis

During the previous trading day, the corrective wave (iv) stretched slightly higher than expected but failed to beak above the upper trendline acting as resistance to the falling wedge formation. As long as the price is within this contracting wedge, we expect a possible rally to the lowerside. Ideally, we expect this rebound to have marked the end of the corrective wave (iv) that any bearish move to the lowerside will be the continuation of both the impulsive waves (v) and (5) to the lowerside but should not go beyond 326.40.

Trade Recommendations:

If you're not short already, wait for a break below 363.49 to pick a short position towards 300.00