Nifty - Island reversal pattern - Bulls on thin ice!

NSE:NIFTY   Nifty 50 Index
250 9
With today's gap down, Nifty             is about to make island reversal top pattern. If Nifty             doesn't close above 9120 in a couple of days then below 8968, bulls will run for the cover. Given the fall in US & European markets with topping out pattern and consensus of our market participants that nifty             will go to 9500-10000 is dangerous for the bulls. Market will go there when no one is expecting it to go. Cut long positions and take some shorts with SL 9150.
Comment: Nifty held onto the upward trendline, closing above 9120, watch out for retest of previous highs i.e. 9220.
Comment: In the last couple of days, market has deceived many participants, people were waiting for nifty to fill the gap till 8975 and looking to go long at around 8975-9000 levels but nifty reversed from 9020 (there is nothing at this level apart from trendline support) without giving any significant sign of reversal. This is what market does to you.
how is my view >>
@shiv_n, i thing its going back today at 9097
Boult2100 Dipak___Z
@Dipak___Z, very much possible. today or tommorow then if it breaks the downward trendline only then there might be upside else shud fall again.
@shiv_n, very nice...especially I like the RR ratio.
Dipak___Z Boult2100
@Boult2100, Thank you!
We have not seen break out may it could drive upside once again
Boult2100 Dipak___Z
@Dipak___Z, Yes, late bulls will come and buy this dip...but sell on rallies till it doesn't close above 9120.
you means now its going up ?
@shiv_n, No, odds are Nifty will break 8968 and will go lower. Confirmation below the trend line and 8968 level.
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