Tom Demark count is currently red 5 on the daily chart. This means we can have 4 more days of bear trend. On the weekly chart we are at red 5, which means we can have up to 4 more weeks of down trend.
Volume is low and there is too much panic in the market. I expect bear trend to continue till we hit 6K range. There was a huge support at 8200 area but today we have broken it. Price will test below 8K again and there is a huge probability that it will be broken permanently.
After 8200 is broken, our next support level is at 6K. I think recovery will not start till we hit 6K.
Here is my trading advice:
Short at: 8565
Take profit at: 6100
Stop loss: 11700
Volume is low and there is too much panic in the market. I expect bear trend to continue till we hit 6K range. There was a huge support at 8200 area but today we have broken it. Price will test below 8K again and there is a huge probability that it will be broken permanently.
After 8200 is broken, our next support level is at 6K. I think recovery will not start till we hit 6K.
Here is my trading advice:
Short at: 8565
Take profit at: 6100
Stop loss: 11700