hathwars

The rising wedge broke yesterday but we had an anti trend move from the gap down to today's intraday highs. The channel broke decisively and there was a nice intraday correction.

Looking forward, continuation of downtrend is expected. The invalidation level is roughly 5000.

The attached hourly chart shows the target and logic for the same. The rectangle height is 150 points and keeping this equality off the day's high (5070), we get a target of 5070-150=4920.

The next target would be the Fib retracement and that would be 5070-150*1.618=4830 approx

Note: all levels are spot levels