Large gap down and normal day for NF in last session and expected to deliver imbalance session next..Mentioned that this gap has taken place after outside day hence buyers job is tough now and any bounce could face serious resistance. Marked 17560 as strong resistance. NF had a open test drive up to 17560 quick only to leave micro FA top and then remained lower all session.. Hypos wise, above 17470 marked obj for 17510/17560 which happened in A period then failing stay above 17450 marked for 17400/17190.NF done 17470 to 17560 in drive first then failed to hold 17450 and probed till 17160 downside then closed above dPOC.
Clean trend day clearing Feb low on wide range higher volume day..More pain ahead as discussed in commmentary.Swing not yet over.
Outside day and 3IB down day with dPOC skew down..Sellers need drive or gap down to conitnue the momentum..Failing to sustain below 17220 could have sm balance in today's extn singles zone..Any immediate reversal on daily time frame only after accepting above 17450. Till then sideways to down bias.
Last session low observed as weak swing low and that day's auction suggested swing has opened up for 17290/17050. It probed 17290 today.
Regime shift in terms of volume/range/Vix happening.Could get more volatile in coming days as we are leaving away from quite prolonged balance.
Levels wise for next session, failing to stay above 17220 could drop to 17170/17130/17090/17050/16980-16960/16920 and below. Acceptance above 17220 could get 17260/17330/17370/17410/17460. Stay cautious on long side and avoid breakout trades either side.Use pullbacks to make the trades.
Swing short suggested below 17400 with 17570 negation which got triggered today and obj were marked for 17290/17230/17150/17050. It probed till 17160 today..Negation now moves to 17450 to look for 17050/16980/16920/16800. This negation is only to take care of wild move any to reenter shorts again..Context wise swing reversal any only above 17750 as of now for the week..Till then looking for balance to down move only on swing till we get 17050/16980 minimum.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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