Downtrend HVN near 4100. Confluence of descending channel in red line. 0.382 Fib also present here. Also acceptance back into prior ascending channel reference here blue line.
Gold is at a nice place. Take out the lows, while touching the bottom of the parallel channel, and touching the bottom of the descending channel. Send it?
Levels to Buy if it gets there for Reliance. Larger Range PoC is the lowest target. Also important to keep note of the Fib Channel that has been respected very well in the past.
A very volatile Price Action in the current range will have many people take up positions around here. A nice Technical level to short would be at 41750 where we have many confluences as mentioned in the Chart.
Would monitor the Order-flow to see what happens at the level. An easy set-up would be an SFP of the high at 41666. Invalidation for me would be above 41950.
NIFTY has been going up constantly at a rate of ~14% since 2014. We saw a large swing down from the trend-line in Mar 2020. We are potentially seeing another large swing to the upside right now. I think a return to the trend line is on the cards within this year, probably by Q2 end or in Q3.
I am looking to short above 17.2 k and looking to long between 13.5 k - 14.5 k
ES1 looks like could form a rising wedge to then fake out above, hit the OB and FIB Channel GP to then come back down. Early days need to monitor still.
