the correction which was started in nifty from Feb. 16 is quite complex in nature
and is one of the most difficult part to trade I had mentioned that this would like to be
in my one of my posts.
no clear trend visible unlike in many corrections in this ongoing rally yes this is natural as thinking abt alternations all other corrections were not complex like this one
traders mind swinging between optimism and pessimism.
no big red candle or green candle is capable of dictating trend.
then what to expect next.
divergence seen between price and oscillator in 4 hours time frame. considering that price should decline.
on last Thursday sgx nifty had made new life time high when our market was closed. hence studying chart of nifty alone
I think not sufficient enough to arrive at a conclusion and as per sgx nifty we had made .
on Friday nifty high was just shy of my target 1 mentioned in the chart.
there was no weakness in US market our market had declined.
but as per technical nifty should decline looking at the way it performed on Friday.
we may open positive on Monday. Hence long positions to be kept in tact unless Friday's low is taken out and shown in the chart is violated.
if both are violated as per me nifty may be heading for a more correction.
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I have also looked into other markets which have shown relatively stronger relation with Nifty
Hangseng index points towards downside and is below 10 day MA too.
DJI hourly stochastic is also turning negative, may be another 200-300 points up and then fall there too.
Nikkei which is the third related index is likely to continue upside.