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Range Breakdown Attempt – 9% Correction Loading? Timeframe: Daily CMP: ₹5,383 Major Range: ₹5,400 – ₹5,900 Projected Move (marked): ~₹4,900 zone 📦 Structure: Multi-Month Distribution Range The shaded box clearly shows: • Repeated rejection near ₹5,850–5,900 • Multiple supports around ₹5,400 • Sideways movement for 5+ months Now price is breaking below range support (₹5,400). This is classic range breakdown structure. 🌊 Elliott Wave Perspective Likely structure: Wave A: ₹5,900 → ₹5,450 Wave B: Pullback toward ₹5,850 Wave C: Now unfolding If Wave C equals Wave A in magnitude, downside projection aligns near: ➡ ₹4,900–4,950 Which matches your marked ~9% downside zone. 📉 Momentum & Price Behavior Observations: ✔ Sharp rejection from ₹5,900 ✔ Strong bearish candle near range high ✔ Weak bounce after breakdown No sign of strong absorption yet. Breakdowns after long consolidations usually expand in volatility. 📌 AVWAP Logic Anchored from recent swing high (~₹5,900): • Price now trading below anchored resistance • Rally attempts failing below supply ₹5,500–5,600 now becomes resistance. Unless price reclaims ₹5,600 decisively, bias remains negative. 🎯 Key Levels Immediate Resistance: ₹5,500 Major Resistance: ₹5,600 Range High: ₹5,900 Immediate Support: ₹5,250 Measured Target: ₹4,900 Extended Support: ₹4,750