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Post breaking down from the ‘Broadening Formation’ index continues to form continuation patterns onregularintervals which reaffirms the bearish trend to continue. It has now reached the multiple support confluencezonenear its 200 DEMA (17550) & its prior gap support zone of 17360 from which a temporary pullback movemayunfold within the ongoing bearish trend. With both its trend strength indicators weak as its Daily RSI continuestofall towards 30 with ADX already trending above its 25; warrants further immediate weakness. Withthebigeventjust around the corner traders should deploy naked positional options trade post event IV adjustments. Whilepullback move if any towards 17880 could be utilised to redeploy fresh shorts with a stop above 18180.

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