NF printed decisive profile today with highest volume for the year.
Failed auction at top.
Neutral extreme down day with 7IB move.
Spike down close.Spike zone - 21165-21290.
First observation for such auction is, this is long liquidation emotional move and clean inventory adjustment break after such trending month of Dec.Back to back outside days..So, need lower value and close below this profile then one time frame down on daily to confirm that this is start of any serious correction. Large time frame reversal gets confirmed below 21000.
As of now this FA top is very good top being heavy volume day..Clearing 21490 first sign and 21575 solid sign to look for new ATH move..till then this could rotate inside today imbalance range/below today range.
Swing probed next obj today at 21650 and then moved below negation point 21380. Swing long view closed. If this gets further move down in next session three zones to watch 21120/21060/21020 for response from buyers..As of now not expecting all this three to go in straight line and one pullback is required till 21290-21310 then 21380-21410 kind before any further major move down.If such pullback not happening and 21000 which is solid ref for month goes means then its sign of trending month failing and we could move down towards 20850/20650.
Trade hypos for next session below.
Charts and data :
Notes :
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