Nifty 50 - Educational Analysis on why the 7% drop - Confluence

NSE:NIFTY   Nifty 50 Index
This is an education post of understanding some possible reasons when a correction happens

Few Reasons for Nifty's Bearish Outlook (Short term)

1. Negative RSI Divergence - Price goes up and RSI goes down
2. Break of Rising Wedge Pattern
3. Break of previous swing low (17160)
4. Previous peak rejection making the 18100 as a double top
5. MACD divergence and crossover


On hourly Time frame

6. Broke a major trendline
7. With a Head and shoulders
8. A rounding top

So multiple factors and views indicating - A confluence View


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