My preferred count shows that we should see downside pressure very soon. As long as resistance at 16,505.70 and more importantly resistance at 16,588.25 protects the upside I will be looking for a break below support at 16,126 and more importantly below 16.046 for downside acceleration towards at least 15,525 and possibly much lower.
However, a break above resistance at 16,588.25 will invalidate my bearish count and delay the expected downside pressure for a possible move higher towards the 18,500 - 18,600 area.
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