CnxIT SIP mode on

٦ سبتمبر ٢٠٢٢

Looks like IT fall is done now making base and getting ready for wave 3, sip mode on IT would be preferred, as it may or may not correct more , as wave 2 can go as deep as wave1 started from which is 26190, however if we check red trendline on weekly chart connecting top of feb2007, mar2015, oct2020, which was resistance now working as support as IT took support twice jun2022 n jul2022, n made a bullish divergence which indicates starting of a new wave from jul2022 onwards. Also making double bottom pattern , in weekly rsi seems breakout of trendline and retest is almost done n now getting ready for upmove, would complete its W pattern at 30559, where it meets ema50 on weekly, and ema200 on daily, target of W pattern breakout would be 33365 -34205, IT may complete its 3rd wave around 38550 , if we check return of technology direct plan return from mar2020 _ Jan 2022 it had given 100+%, and Jan 2022 till now it has done retracemnet of approx 50% and creating a base which is considered as a end of continued bearish trend and expected to go up from that retracement level.