Technical outlook and chart setups:
Let us again re-visit the larger wave structure depicted here on the daily chart view. The AB rally from 1,520/30 levels to 1,798.00 level in mid-2012 was towards the larger trend rally. BC fall from 1,798.00 to 1,555.00 can be termed as a counter trend as of now. The CD rally would be termed as final extension towards the larger trend which would exceed 1,900.00 level in the coming months. Believe it or not, till 1,555.00 remains intact, a higher bottom is in place for sure which would ensure rally towards the larger uptrend. Supports can be defined as 1,555.00, followed by 1,550 and 1,525/30; while resistances can be defined as 1,650/60, followed by 1,680/85, 1,700.00, 1,750.00, and higher up. The immediate wave structure is awaiting to take out resistance at 1,660.00 levels, which is just a matter of time.
Trading recommendations:
Remain long, stop is at 1,550.00, and target is open.
Good Luck!
