Mighty Nifty - Small retracement!

NSE:NIFTY   Nifty 50 Index
On 12th Jan Nifty formed an ascending triangle , indicating price action will move up. On 13th Jan we had a spike movement in opening. At the end of the day, nifty formed a descending triangle indicating price action will go down. I have taken smaller time frame so that the triangles will be more visible. On breaking the triangle's base at 8375 Nifty can move up to 8300. History always repeats itself. If you check past history when new president step in to power in US, share markets will boom. As bank nifty has regained its strength, it wont allow nifty to fall further. Bank nifty is moving inside the rectangle . When it breaks 18750 it will go up to 18550. This retracement will last for 2 or 3 days only.
Comment: You can check bank nifty's chart here.
Trade active
Comment: Nifty is still sideways, didnt break the triangle's base. Hope tomorrow the movement will be good. Still I am bearish about nifty.
Comment: I will change my bearish view about nifty at the price 8462 and this trade will get cancelled at 8462 only.
Trade active: Bank Nifty has synchronised with Nifty. Short Nifty 8416 with stoploss 8462
Comment: Mighty Nifty has broken its silence!
Comment: 1/22/17 Forecast for next week nifty movement before expiry - Resistance 8372-8380(spot) Supports are 8325,8260,8200(spot). One should close their short position in expiry as pre budget rally is expected.
Trade closed manually: From 8416 to 8375 gained 41 points. Human error in fixing the target(the target should be at the gap up(8325). Nifty took support there)
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hello vanathi.last few days nifty trading at the same spot.8395-8450.not moving from this zone.can you give us a monthly trend.
vanathi bajajct100
@bajajct100, Month end pre budget rally will be there. As bank nifty needs a retracement, it will take nifty along with it for few days. Lets see.
spot or fut level
vanathi venkaticr
@venkaticr, spot
venkaticr vanathi
@vanathi, thanks
@ Mr Rupambose 32 - Please mention the reason why it is not descending triangle also, so that, we can enrich our knowledge. Thanks in advance.
and also it is not a ascending triangle
vanathi dr_professor_nifty
@dr_professor_nifty, Explain me what it is then :)
@vanathi, this are rectangle
dr_professor_nifty dr_professor_nifty
@dr_professor_nifty, in your ascending triangle price came belo the structure,so it fails