Refer to my previous weekly analysis of 11th December, 2020, where we did analysis for long term perspective and there is nothing further change.
If we look at daily chart above, after completing of Red wave II, we clearly see leading diagonal (blue) which composed of 5 blue waves. If we make this bias, we will see a nice rally towards 500 or even higher in last wave 5 that will start soon and I love to ride. Near term support lies at rising trending line at 306. If we see breaking of this support, will not change or long term perspective and if it happen, we will see limited downward move to complete deep correction.
Major Support is lies at 245. Only break 245 support level will shift our focus and force us to recount waves accordingly.
Major Support Level :
- 306 Rising Trend Line
- 290 (Low of 23 Nov, 2020)
- 245 (Low of 05 Oct, 2020)
Major Resistance Level :
- 472 (Resistance Line.)