Take a look at Nifty what you guys see ? The which broke to downside. Now Look at the Gold chart, what does it say ?? Similar descending triangle broke to downside retested triangle base and moved back further down breaking initial lows of triangle breakout.
Now, take a look at Nifty again, as Gold did it made the initial low and retested triangle and currently moving further down, yet to break low of initial triangle breakout
Its purely My opinion more than that, a speculation, yes lets call it as speculation. As Gold formed similar pattern we are expecting similar movement in Nifty also as it has repeated 70% of same movements. We can't take trade decisions based on this, but it can be valuable addition to expand our knowledge about Market Dynamics. I have another educated guess on Monthly chart too which I have attached, so you can get Eagle's Eye view, not just birds.
In that monthly Nifty chart again another Market dynamics you can notice clearly which is marked in Grey rectangles, we had previously failed which retraces in half-way to , so now also can we expect the same in Nifty ? Moreover if we need any additional factors seek out for newsevents. You guys know, I never analyze on news events but we can speculate. So with Trump winning & uncertain things about his policies, our very own & Indian markets dependency on Fed interest rate event - it appears like we have dark days ahead. Purely Speculation, so it may or may not happen.
Its always a light of guidance from you which shows right path. I am trying to learn from guides like you.
Will wait for your guidance