We may be within the 3rd wave of a bearish ending diagonal if 30,513 pts support level is broken in the coming trading days thus investors can expect a further drop in the ASI (index) below 29,000 pts level. No early ”Santa Claus” rally insight.
Forget the January (Santa Claus) rally this festive season. The index neither broke below critical support level @ 28,900 pts nor broke above critical resistance level @ 30,545 pts thereby confirming that wave ‘5.3’ of the developing ending diagonal e.w.p is incomplete. Thus in the coming trading days, investors can expect a further drop in the ASI (index) below 28.900 pts level.