NIFTY FORMING A FAILED FLAG PATTERN?

FIRST AND FORMATION CRUCIAL LEVELS ON NIFTY AND OBSERVATION
:-NIFTY SUPPORT ZONE IS FROM 14238-14267
:-PATTERN IS A BULLISH FLAG
:-TODAY LOW IS ALSO THE LEVEL OF 100-EMA (1-LOOK AT THE CHART)

OBSERVATION:-
-NIFTY IF WATCHED CLOSELY IS TRADING IN A BULLISH FLAG PATTERN
-WHICH INDICATES THAT BOUNCE IS EXPECTED FROM CURRENT LEVELS
-TODAY ALSO THE INDEX BOUNCED FROM THE LOWER TRENDLINE AND TOUCHED ITS 100-EMA AND BOUNCED
-"BUT" AT THE SAME TIME THE INDEX IS CREATING A LOWER LOW AND LOWER HIGH FORMATION
-THE BOUNCE IS GETTER WEAKER AND SMALLER EACH TIME(2-WATCH FOR SWING LEVELS IN YELLOW)
-IF MY VIEW IS RIGHT THEN NIFTY SHOULD NOT CROSS ABOVE 14650-14725
-IF DOES THEN THE BULLISH FLAG IS STILL VALID

TECHNICAL TRIVIA:-
-THERE ARE TWO TYPES OF PATTERNS
A)CONTINUATION PATTERNS:-RECTANGLE/FLAG
B)TREND REVERSAL PATTERNS:-DOULBE TOP/DOUBLE BOTTOM
-THERE ARE MANY MORE BUT WE WILL STICK TO FLAG FOR NOW
-SINCE FLAG IS A CONTINUATION PATTERN THE PREVAILING TREND SHOULD CONTINUE
-IN THIS SCENARIO IT IS A BULLISH FLAG AS PREVAILING TREND IS BULLISH ONE
-BUT SOMETIMES MARKET FACTORS IN THE FUNDAMENTALS TOO
-SO PATTERNS DO FAIL
-MORE OFTEN FAILED PATTERN IS "HEAD AND SHOULDERS"
-FAILED PATTERNS USUALLY END UP GIVING HUGE SWINGS ON THE OPPOSITE SIDE
-HERE IN NIFTY LONG-TERM CHART PATTERN IS BULLISH AND WILL REMAIN BULLISH UNITL A BREAK BELOW PREVIOUS HIGH OF 12430
-NOT EXPECTING SUCH A SHARP FALL
-SO IN NIFTY SINCE WE HAVEN''T SEEN A FAILED PATTERN YET I AM USING THIS AS AN EXAMPLE TO EXPLAIN MY POINT
-THOSE KEEN TO LEARN FOLLOW MY FURTHER POST

CONDITIONS:-
-A DAILY CHART CLOSE IS REQUIRED BELOW 14230
-ON SAFER SIDE WE WILL ALSO CONSIDER THE 100-EMA
-A CLOSE BELOW BOTH WILL BE IDEAL FOR BEARISH MARKET
-ATTACHING AN EXAMPLE OF WHAT HAPPENED WHEN NIFTY CLOSED BELOW 14200 ON THE DOWNSIDE

NOTE:-
-LEARN AND OBSERVE FIRST BEFORE TAKING TRADES
-I AM A PROFESSIONAL TRADER AND TECHNICAL ANALYST
-MY VIEWS MAY DIFFER FROM OTHER COLLEGUES OF MINE ON TRADINGVIEW
-THIS IS AN EDUCATIONAL IDEA NOT A TRADE

"50 LIKES I WILL PUBLISH A IDEA WITH VIDEO"
"HAPPY TRADING"
"STAY SAFE"

Comment:

-NIFTY HURDLE ON THE UPSIDE REMAINS THE VACCINE NEWS IS FACTORED BY NOW
-AS DISCUSSED BEFORE THE BOUNCE IS GETTING SMALLER AND WEAKER
-INDEX NEEDS TO BREAK ABOVE 14700 TO COME OUT OF THE PATTERN
-EXPECT SHORT COVERING ONLY ABOVE 14725

Comment:

LOOK AT THE CHART OF NIFTY IN 5 MINS
FINAL BATTLE TO SAVE THE BOTTOM IS ON
ONE SIDE FINALLY WILL GIVE UP

Comment:

14295 till now

Comment:

LIKE EXPLAINED EARILER A CLOSE BELOW THE LEVELS OF 14240 IS REQUIRED FOR FURTHER DOWNSIDE A TRAP WAS SET ON EXPIRY WHICH RESULTED IN SHORT-COVERING WILL CARRY SHORTS IF NIFTY CLOSES BELOW 14200 AND ITS 100-EMA
TILL THEN CHECK MY UPDATES

Trade active:

ADDED NIFTY LONG@14400
BAJFINSV LONGS@9930
BAJFIN LONGS@4675
PLEASE TRACK DO NOT TRADE
THIS IS NOT A TRADE ADVICE