As we can see nothing much has changed in this chart even after 2 weeks. Except for the fact that it has almost reached near the support point of the ongoing correction!
So, for equities the buying time has arrived. Need to be cautious only when it goes down 5840 decisively.
Daily Analysis:
Daily chart is moving in a perfect DOWN channel of 160 points. Immediate channel resistance at 6120. Breaking up will test next channel resistance at 6220. In the DOWN side, there are important observations. DOWN channel and previous base support are crossing each other. I shall go with the base support 5960 to be the final support.
Hourly Analysis:
Hourly chart is going through volatile corrections in multiple intermediary resistance & supports. However, the critical juncture of reversal is very near as the previous consolidation zone (red-blue band) is interacting the DOWN channel.
UP side immediate resistance 6120 > 6180. DOWN side support 6020 > 5960.
Summary:
A reversal in Hourly & Daily chart is very near. Either it goes DOWN to 5960 and then moves up breaking all resistances. OR way UP will face resistance at 6120 then 6180 and retest 6020 and / or 5960 for the last time before the reversal.
Weekly chart still gives a possibility of 5860! But, I'm giving less weightage to them as per the Daily / Hourly charts.
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