So we finally have a confirmation that the trend has changed. Let me take you step by step as why I think so.
a. Double top at 3500 (marked on chart above)
b. Break below support on hourly charts – the level of 3300-3320 has held many times during last 10 days. Finally broken today with momentum.
c. Hourly MACD turns negative (actually this happened yesterday morning itself, but we dont depend solely on indicators to take trades.
d. Divergence on RSI chart – multiple times actually, which is fine & expected on an hourly chart
e. Short term falling resistance line was respected today near 3390 from where we started sliding
f. Its broken through a support line (below)
Now for the daily charts – have a look below
The biggest sign here – presence of lower highs and lower lows – very very clear on this chart.
So this is the analysis as of now.. we should see prices move lower from here.