Multiple confluence found which indicates break in nifty rally and possible reversal.
1. 90% fib retracement level found at 17600 in 4th wave which can act as major resistance from 10feb swing high.
2. 17600 is the level conferencing with divergence trend line which is a psychological round number.
3. Divergence is found on 15 min timeframe. look at RSI even if market reaches 17600 still divergence will be intact.
4. Triangle pattern is also seen so if market takes support from lower trend line it can bounce back up to 17600.
But as triangle pattern has possibility of breakout on either side. be cautious for this week.
5. Smart money and pro always create positive sentiment before major reversal as they make money by trapping retailers. so most of the retailers might be thinking that war might be over soon,
everything seems bullish now. crude oil cooling off, but the diesel price hike for bulk buyers was the first hint for medium term down trend.
My call for up coming days is bearish. market may dip more. so be cautious and make you Portfolio light.
Thank You
Market Yogi