Nifty 50 is at all time high but breaking 16055 will be crucial for a major rally on the upside. The crab pattern's terminal price bar is placed at 16055.
If Nifty reverses from here, as it is a bearish crab pattern, it could go on to test 15850-15800 levels. Below these levels could see another downside fall.
Don't go short at 16055 immediately, the stoploss hunt for crab pattern will be at fib level 2 i.e, around 16105.
Can go long above 16105 for a fool proof rally.
If Nifty reverses from here, as it is a bearish crab pattern, it could go on to test 15850-15800 levels. Below these levels could see another downside fall.
Don't go short at 16055 immediately, the stoploss hunt for crab pattern will be at fib level 2 i.e, around 16105.
Can go long above 16105 for a fool proof rally.
Trade closed: stop reached:
Huge short covering came after 16055 lvl