This is an Idea of SGX Nifty probabilities on a Long note.
Fibo retracment: Lets start with basi Fibo retracement, from point A to B , which is already at 38.2%, now we all know if this is going to be a strong bull trend there will be a possible reversal at this level or a possible reversal will be at 50% which comes around 17238 - 16938 .. it doesnt have to be 50% it may even take a reversal at 61.8% as well.
Pitchfork :
A valid Pitchfork has been broken and trigger line has been rejected (Normal terms we call it trendline) 2 possibilities here: One, this could be a retest of the broken pitfork line which is absolutely at fibo 50% which can only be known once it reaches that area of horizontal support Two, this could be a downtrend after getting rejected by the trendline at point B.
H&S Pattern :
There is an Head and shoulder pattern in formation which could take support at Fibo 50% and revert back to the trendline, if this happens and a breakout of trendline is seen, target is mentioned on chart. lets say H&S is not formed, trendline or pitchfork parallol line still acts as a strong resistance, or breaks pitchfork and rejects at trendline, that is going to be a 3rd time rejection of this trendline, we might see a stong move downside once again. which i called alternate possibility.
Comment
⋅
Market at crucial Level ..
Possibilities : if this level is broken tomorrow we might see 618% . If you see a flat to slightly Gap up then i'm going to go long on this trade
Key word : Slight gap up not huge .. If you see a huge gap up or huge gap down .. i'm gonna avoid trading tomorrow
Comment
⋅
Market opening around 17000 if market makes up move in the first 15 mins ill go long with just one lot after waiting for some time like least 1hr to see if it sustains above 17000 .. if at all cant sustain above and come below 17900 will wait for market to sustain below this level and look for possible trade as per market
Comment
⋅
Head and shoulders looks possible be prepared
Comment
⋅
Bullish Bat Pattern and the targets are given on chart
On higher level we can see another Pattern in formation
Clearly indicates we are about to see a reversal and we are on poerfect track .. Untill price holds the green zone mention on chart