Last night when I was looking at the profiles, I had a strong feeling that the market would rotate back upto 6110/ 6124 before moving lower.
Infact the exact comment was “Holding 6039, there is reason to believe the market will auction upto 6139 again”.
The conviction came from the high volumes at 6040 on the left of the previous chart.
6072 was the other high volume zone, which if penetrated would have given 6110 at least.
But the Market had other ideas ….
What worked in the market’s favor was the inability of buyers to bring the market strongly above 6040 once that level was breached.
Early in the afternoon the best that the buyers got above 6003 was 6027 only!
In hindsight the sell-off was waiting to happen and once that last level of 5976 was broken, the floodgates opened.
There are two consolidated profiles in the above chart.
The larger left is the Profile for the entire auction from 5730 to 5210 and the One on the left is the profile for this week.
The purple TPO’s are the value areas.
In today’s auction the market traced the entire value area of the previous process in one session !
In Monday’s auction if the buyers are aggressive enough, it would open the possibility of a move to 5940/ 5975 again in a fast development.
This move could also materialize in a visit back to 6060 regions.
However if the auction is not strong enough then we are set to test the lows again !
