@trade4joisar
sorry!it was an oversight.instead of marking it as overbought,have marked it as oversold.Not crossed down so still reversal signal not confirmed.
@4xpip
Thks for correcting..
Adding the EOD 5 min chart and 60 min chart below.
Great to see how Median lines can help in tracing the path of price.!!
EOD 60 MIN CHART ANALYSIS
Price reached
1.50 Sma at EOD
2.Equal to a previous swing low at 4915-20 zone.
3.38.2 % R of previous swing move 4639-5097
4. Touched base of Trigger line / Trendline from Pivot through point C of current PF.
This can be considered as support for the fall today.
Price can retrace till 5000 zone to touch the new Blue downsloping pitchfork UMLH which is a good location to reenter shorts.
Targets 4850-4800 zone at the Blue ML.
In your earlier chart there was pitch fork drawn by taking 4th sep, 28th oct and 24th Nov pivots (see your post dated 30th Nov) daily Chart. This pitch fork was up sloping and as per some of the rules you had stated here price should have moved to the median line which was around 5200. You have also stated that if price could not reach Medan line and retraces before that then a move equivalent to previous move is expected. if So are we heading towards 4300 (5100-800) approx now.
Even if we look at the patters then break of 5200 was break of descending triangle with a target of 4200
Yes, with the negative trend, the downside probable targets are at 4400-4350 zone .On the way down, there is a support zone at 4850-4800, where there could be a pause / consolidation and then a breakdown again.