Price action triggered the initial stop-loss at ₹3800, indicating short-term strength. However, the subsequent rally failed to surpass the prior Wave 5 high, thereby keeping the broader bearish structure intact. The inability to register a higher high suggests that the recent up move is likely a counter-trend rally within a developing corrective or impulsive decline.
The sharp upside retracement further reinforces the characteristic nature of bear market rallies, which tend to be swift and aggressive but structurally corrective.
Additionally, today’s OH candle formation near resistance strengthens the argument of supply emerging at elevated levels, keeping downside risk active.
At this stage, the bearish view remains valid and would require reassessment only under either of the following conditions:
1. Clear completion of a larger corrective structure indicating trend reversal, or
2. A decisive close above ₹4150, which would invalidate the current wave interpretation.
Until then, the broader technical structure continues to favour downside continuation.
The sharp upside retracement further reinforces the characteristic nature of bear market rallies, which tend to be swift and aggressive but structurally corrective.
Additionally, today’s OH candle formation near resistance strengthens the argument of supply emerging at elevated levels, keeping downside risk active.
At this stage, the bearish view remains valid and would require reassessment only under either of the following conditions:
1. Clear completion of a larger corrective structure indicating trend reversal, or
2. A decisive close above ₹4150, which would invalidate the current wave interpretation.
Until then, the broader technical structure continues to favour downside continuation.
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