NIFTY - Contraction Burst (Weekly View)

Jan 13, 2023

After A sharp up move from 15200 zone index gave almost 24% rally from bottom. After a trendy move index has declined 5% from top- 18800+. It has been trading in range since last 3 weeks; almost a month. The range is 18270 and 17760. This range has been formed in weekly TF. Looking at the weekly candles we can clearly sense that contraction has happened for a month. Contraction burst is likely to happen in the coming week on this range breakout.
https://www.tradingview.com/x/vjIHcVWl

Now lets look at the target projections on each case.
If range breaks downside below 17760 then we will test 16700 in between 17165 will be short term base/support.
Weekly TF
https://www.tradingview.com/x/CuxFPbLX
Daily TF
https://www.tradingview.com/x/LJe1JAPA

Now if range breaks upside above 18270 the we will test 18900. Then if 18900 is sustained then there will breakout in monthly TF and we will test 19661 and 20000.
Weekly TF
https://www.tradingview.com/x/XW03RPGN
Daily TF
https://www.tradingview.com/x/VF6mV3w6

After breakout previous swing low/high in daily TF will be sl either side.

Jan 21, 2023

Trade active

Still Inside Range

Feb 28, 2023

Trade active

Near 1st target

Mar 18, 2023

Trade active

Target Almost Hit

Apr 2, 2023

Trade active

On 18 Mar it was updated that we have achieved our target. It totally reversed after that.
Updated chart
Dot Reversal