The tussle between bulls and bears continues without an outcome with an Inside day pattern. Advantage bears with trade below 200 dema. The expanding triangle in red has depicted enough bearishness and the next leg down could have some unbelievable targets which should be visited after the low of 5177 breaks.
The bearish patterns head and shoulers pattern ,with the neckline in dark purple has support at 5460. If broken can give a downmove of around 550 points from breakpoint.
Half Hourly Chart
Half Hourly Chart II
The number of bearish patterns are many with nothing bullish in sight. The tiny head and shoulder pattern within the pennant formation on chart one and the larger head and shoulder pattern with the green trendline which translates into the dark purple neckline on daily charts says it all. Enthusiastic longs should be well hedged.
Holding 5545 to 5565 for the day , which is support from the pennant, will see bulls trying to gain control. The inverse head and shoulder which grows wierder in shape by the sideways action is still valid with the neckline resistance at 5600-5605.
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