bearish sentiment

Both alternate wave counts still exists but mostly focused on the bearish sentiment. The support & resistance lines are changed to 6130 and 6350 for the week.

In both the wave counts the resistance level for the week is 6350/6400 and the support level is 6200. This week, it has to break either the resistance level or the support level.

If the resistance level has broken then we can expect a rally to go beyond 7000 level.

If the support level has broken then it is possible that the terminal impulse is complete and the retracing is began. You all know that terminal impulses are retraced completely.

count1:

count2:

23 Dec 13

I had a confusion in the last week, so just stayed away until an understandable structure is formed.

Now, in the beginning of this week, I have two views. Both have a range bound movement this week probably 6100-6400.

1:

The whole configuration beginning from 5119 could be an impulsive wave. So far if the points marked on chart is correct then it looks like it is going to be a terminal impulse.

If 'c' of '4' is completed then it is possible that '5' has already began and would make a top, if not, '4' would grow further down and complete this week.
2:

The 'C' that completed at 6332 could be 'A' of a larger A-B-C. Then the larger 'B' followed and we are at 'C' of 'B'.

In this view, it is possible that this 'C' has ended at 6130 and the larger 'C' has already began. Another possibility is that 'C' has not completed yet and so could grow further downside and make a bottom this week.