Yesterday's Hourly Bearish Alt Shark did its min expected retracement of 38% till 8700 approx. Currently the set up suggests 9600 approx where three Bearish Harmonic Patterns are emerging. It also happens to be the 50% retracement of the Monthly Alt Shark reversal. Even as per Ichimoku the same zone 9600-9800 will act like a tough resistance. Markets seldom give an opportunity for trapped ones to exit particularly in a downtrend. It appears to be in a philanthropic mood this time!
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Nifty retest of yesterday's low would be possible if it gives an hourly close below 8900
Hi, been following you and you are a master of TA!! Does the above chart mean that the market could complete its remaining downtrend as you suggested just 38% done till now.
Dinesh_C_Nagpal
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@ad018e2ccb7342ea8db56e70cc4900, Thanks for the compliment. However, I am no master, market is the only one. Currently, I do not think market has bottomed out at 7500. I am looking at it as a mere bounce back which would most likely make a Lower High. Where it would make? Am reviewing it level by level. For now 9350-9600 in my mind.
FoxTrot99
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@Dinesh_C_Nagpal I think its just a bear market rally...This is a good opportunity for short term...i think 7500 will be retested...At what level do u think bottom will be made ??
Dinesh_C_Nagpal
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@FoxTrot99, not going to get into that for now. 1st let us ascertain a Lower High then start with probabilities of the lower low target. One level at a time