Nifty Long-term trend and levels... Very Bullish It seems Nifty is bullish and breaking the highs on daily basis... and recently its has broken a very important Fibonacci ratio level around 1318. It takes the trend and nifty in to an another dimension.
Now question is where...
I have a tried lots of patterns in different time frame but the best suited pattern as of now what I found is Harmonic Cypher Pattern on monthly chart on nifty 50.
It is clearly showing that Nifty is bullish and will continue in this trend till 14600 to 15700 level.
So it is bullish in long-term also.
These given levels will work like a resistance once it starts consolidate there.
The heavy distribution will start from these resistances only and this may create a downfall of the index as low as 7000 level.
will down fall start from 14600 or 15700 ? i am selling puts every week & making some money.
absu21
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@ckirtane, See This model is very clearly defined the character of long term trend and the given levels are the 1st and 2nd resistances of this move. So play accordingly.