🔴 1. Price Action (Main Chart)
- Current price: 680.94
- Down about -1.23%
- Multiple large red candles
- Price moving inside a descending channel
What this means:
- Sellers are in control.
- Each bounce is weak and making lower highs.
- Candles are closing near their lows → strong bearish pressure.
This is not sideways. This is active selling momentum.
📉 2. Trend Structure
You can see:
- Lower high → lower low → lower high → lower low
- Price riding the bottom of the channel
This confirms:
➡️ Bearish intraday structure
➡️ Momentum continuation down
📊 3. Wave Trend Indicator (Bottom)
- Values around -53 to -60
- Histogram still red
- No strong bullish divergence visible yet
This tells us:
- Market is oversold but still weak
- No confirmed reversal signal yet
- Selling pressure is still active
Oversold does NOT mean buy immediately.
It can stay oversold in strong trends.
⚠️ 4. What This Means for Trading
If you’re thinking:
🟢 Calls?
Not ideal right now.
You would be trading against momentum.
🔴 Puts?
Trend-following side is bearish.
But:
- It’s already extended.
- Risk of short bounce (dead cat bounce) exists.
Best setups usually come on:
- Break → Retest → Rejection
- Or bounce to VWAP / EMA and fail
🎯 Key Levels to Watch
- 681.75–682 area → resistance (recent breakdown area)
- 680 area → psychological level
- If 680 breaks cleanly → continuation possible
🧠 My Simple Read
This is:
- Strong intraday bearish trend
- Momentum controlled by sellers
- No clear reversal yet
If you trade options:
- Wait for pullback before puts
- Don’t chase extended candles
- Watch volume and structure
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