The corrective three wave count continues to rally within the contracting wedge formation and even went below the hour support level 8400.37-8304.35. As long as the price remains below this zone, we expect a possible rally to the lower side. The anticipated bearish price rally will be the continuation of the impulsive wave (c) to the lower side and may break below 7304.02 towards 6455.00 or even lower. This view can only be rendered futile in case the price breaks above 8400.37, this being the case, we’ll expect a momentum to the upper side.
We’re short with the first target at 7304.03 and the next at 6455.00.
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