From the top of 7252.20 to the low of 7153.50 a 5 waves seems to be done (unless 5th wave is subdividing), in such case it may go below the current low.
Now we need to watch the retracement of the fall from 7252 to 7153. Weekness is to return it should be around 7205 or 7214 which is 50 to 61.8% retrace.
Strenght gets confirmed above 7232 which is 80% of the retace.
Also to monitor is the fast retrace of the fall from 7178.9 which is the top of the 4th wave in the current fall. This will further guide whether the 5 waves are done or is subdividing.
Intra day long with 7143 (Day low -10) may be a good risk reward trade.
Now we need to watch the retracement of the fall from 7252 to 7153. Weekness is to return it should be around 7205 or 7214 which is 50 to 61.8% retrace.
Strenght gets confirmed above 7232 which is 80% of the retace.
Also to monitor is the fast retrace of the fall from 7178.9 which is the top of the 4th wave in the current fall. This will further guide whether the 5 waves are done or is subdividing.
Intra day long with 7143 (Day low -10) may be a good risk reward trade.
Resolved on the downside breaking the stop loss.
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