[India] Mystery Chart 08-26-2019

JC Parets
August 27, 2019

New Mystery Chart!

For those new to the exercise, we take a chart of interest and remove the x/y-axes and any other labels that would help identify it. The chart can be any security in any asset class on any timeframe on an absolute or relative basis. Maybe it's a custom index or inverted, who knows!

We do all this to put aside the biases we have associated with this specific security/the market and come to a conclusion based solely on price.

You can guess what it is if you must, but the real value comes from sharing what you would do right now. Buy, Sell, or Do Nothing?

To us, this looks like a potential rounding top pattern setting up for its third test of support. While this top doesn't confirm until prices decisively break their recent lows, prices making lower highs and lower lows in the near-term suggest a break is likely coming.

Click on chart to enlarge view.

This is not something we'd be buying, quite the opposite in fact. We're watching for a break of support to get short.

What do you think?

Tweet us @allstarchartsIN or email bruni@allstarcharts.com and check back in Thursday to find out why this chart is relevant.

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