The index has experienced a record decline. Given the presence of significant option volume below, the outlook assumes a move toward these levels to provide the liquidity required for unwinding short positions.
1. Consider a short entry at the 50% retracement of the current low, specifically around the 29330 area, if reached. Place the stop-loss above this level to maintain a favorable risk-to-reward ratio of 1:3.
2. Watch for a breakdown of the 29000 support level.
The index hit my stop-loss after breaking through the 1/2 margin level.
Currently staying on the sidelines.
For those looking to go long, the full margin level is at 29,885, but if the price reaches that area, I will be looking for shorting opportunities there.
