Today we saw strong resistance at 18490. This up move from 18170 level is probably 4th wave of "Ending Diagonal" on Daily chart that may reach to 18600. Daily RSI is showing Divergence.
If it is ED, then index may move to 18930/19150 level in 1-2 days. Tomorrow's RBI policy outcome may fire market and end of the day may see sharp rally as declaration happens at 2.30 pm.
NB:
At 10.50 am on Dec 7, I came across another calculations of ED that are unusual but may possible. Here is the chart(Hourly) that shows different levels for 4th and 5th wave of ED(marked in RED). In that case, ED is completed and out of channel line. It is in some correction on its upward move.
If it is ED, then index may move to 18930/19150 level in 1-2 days. Tomorrow's RBI policy outcome may fire market and end of the day may see sharp rally as declaration happens at 2.30 pm.
NB:
At 10.50 am on Dec 7, I came across another calculations of ED that are unusual but may possible. Here is the chart(Hourly) that shows different levels for 4th and 5th wave of ED(marked in RED). In that case, ED is completed and out of channel line. It is in some correction on its upward move.
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