Are we going to see a correction or a continuous move?

Let's check what we can expect from the market. The most beautiful thing about candles is that they replicate a lot of information. At the top we have seen a single candle where the index made its high on an intraday basis and then seller came into action pull the index down and close below the open of the candle, next candle open below the close of previous candle and close high, next candle open below the close of previous candle close and close at the low of the candle, this is seen continuously making a range bound movementem.

The Buyers and the Sellers are not ready to give away the position easily at this point, we will not enter where as the RR is not favourable, will wait for the index to close above or below the range so that the RR is favourable.

Expecting the breakout to be on downside, RSI is trading high and very much in a small range.

If the breakout is on the downside and RSI is following will get a confirmation and if the breakout is upside and the RSI is also following the price will get a confirmation for the upside.

Wait for the breakout and enter the position.

Opportunity

Sep 01 2021

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