"Good morning, friends. Directions for December 21st: The global market sentiment is moderately bearish, supported by the Dow Jones, while our local market sentiment shows a similar trend. It might open with a gap-down start, indicated by Giftnifty showing -120.
After that If the market sustains the gap-down or consolidates, the correction could continue with minor pullbacks. On the other hand, if the initial market shows a solid pullback, we might expect a minimum pullback ranging between 23 to 38%. It's important to note that this is a minor pullback and not a reversal. Should it reach 38% with a three-wave structure, it will act as strong resistance. If it gets rejected at this point, we can anticipate the continuation of the correction. Conversely, if it breaks past this level, consider a breakout entry and set your targets at 50% and 61%."
After that If the market sustains the gap-down or consolidates, the correction could continue with minor pullbacks. On the other hand, if the initial market shows a solid pullback, we might expect a minimum pullback ranging between 23 to 38%. It's important to note that this is a minor pullback and not a reversal. Should it reach 38% with a three-wave structure, it will act as strong resistance. If it gets rejected at this point, we can anticipate the continuation of the correction. Conversely, if it breaks past this level, consider a breakout entry and set your targets at 50% and 61%."