In the Nifty chart, we can see that the Index was rejected multiple times along the trendline drawn and finally managed to give a breakthrough above the trendline.
Now, this resistance trendline is likely to act as a support trendline.
On Elliot wave analysis, the up move is currently at wave five, and we can expect a correction that will re-test the trendline.
The Index should test the support zone (17650 levels) and resume its upward rally.
Now, this resistance trendline is likely to act as a support trendline.
On Elliot wave analysis, the up move is currently at wave five, and we can expect a correction that will re-test the trendline.
The Index should test the support zone (17650 levels) and resume its upward rally.
Trade active:
Booked decent profits on the short side.
Markets may recover from tomorrow and rally upside.
Markets may recover from tomorrow and rally upside.
Trade active:
Beautiful rally, as predicted. Again some hindrance at the resistance zone. Soon this resistance will be broken.