Dated 03/12/2016
Moong Jaipur Desi- Green Moong Beans
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A down trend is visible as can be seen in the chart with falling trend lines.
Wave v is in progress which may end or at 4100.
The end can be anywhere from current price to 4100.
The band of movement for near term to short term will be 4100 to 5500.
Volatility between 5500-4100 is likely to remain.
Reversal will be witnessed whenever breakout and close above 5500 is witnessed.
Downside momentum will continue if sustained fall below 4100 is witnessed.
But for the time being price volatility is between 5500-4100.
In the event of a fall and close below 4100 then slide can extend down to 3262.
Conclusion
Trend is still down and downside movement may end now or around 4100 or around 3262.
Reversal from the falling trend will resume on rise and close above 5500.
Broadly, till 5500 is not violated bias would be to exit long position.
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