The very first upside task for the Index would obviously be taking over the last week’s high of 15422. Remember, this was the level close to previous gap-down area of 15259-390, where previous impulse had ended. Once the Index is able to sustain above 15422, we can consider 15600-650 as the next crucial target/resistance, which is nothing but 50-61.8% level to last Dark Cloud Cover pattern I have been marking for a long time. Beyond this, the next crucial resistance is at around 15750, which is the 61.8% correction level to channeled fall from 17735 to 12514. And the maximum level would be 16172, the 70% correction level to the same fall.
Remember, the fall from 17735 to 12514 was a channeled Complex Corrective fall. Such a pattern usually gets corrected to the extent of 60% to 70%. All our upside targets, explained above, are close to this pattern implication. Time-wise, since the fall from 17735 to 12514 had taken 10 weeks (in what was labeled as the “a” leg of 2nd corrective), the current corrective phase (“b” leg) should form over 10 weeks or preferably more. So far, the rally, beginning 12514, has consumed only three weeks. We may, therefore, see Sensex moving sideways once our upper targets area met, in order to consume the necessary time of more than 10 weeks.
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