The high of the last 7 trading sessions are :
5188
5167.5
5125
5072
5068
5049
4995.6
while low of the last seven days are :
5081.25
5090.5
5017.1
5004
5008.3
4972.1
4937.15
A series of lower Highs and Lower lows.
The range for todays trade was 58 points which is the lowest of the last 13 days. We have our Nr7 day, infact its a Nr13 day. lol.
Only positive is that almost all experts on cnbc are expecting 4800 - 4850 and market loves to act against consensus. Apart from that all TF from 15 min to daily are all bearish. We opened almost at the high and closed at the low. This normally follows with a gap down.
A close above 4972 (yesterdays low) or 4995 (todays high) is very important for any hope of end to the correction.
Yesterday's low acted as the trend decider for todays trade.
Tomorrow's cam level of 4980 (H4) is the only zone above which i expect to be long.
I'll ignore L3 level (4932) for going long as previous day was a nr7 day and will be used as stop loss in case L4 (4916) breaks.
Fibonacci retracement wise,
We have 4939 at the 38% retracement level. Any break below this should give us 4861 (50%) as tgt.