Hello everyone I am sharing nifty on 2 hour chart.
Here you can see a XABCD pattern, drawn in Red.
Target is point D which comes around 18930, a major 1.618 resistance in terms of harmonics. But this is still untouched.
For a while just keep it plotted.
Now just check the previous swing broken out (shown on chart} and probably the retest is also done in last trading session
bcoz we can see a good hammer on the same breakout level.
As of now this hammer low can be treated as SL for any upside trade but this SL should be very very strict and the target can be that D point we have from XABCD pattern.
The moment this hammer on 2 hour chart is broken on down side be assured that we can see a good fall to the downside.
Now just check weekly chart where we have bearish reversal candlestick pattern on chart.
This is kind of dark cloud cover., Which normally gives a good down move.
For now not biased to downside unless this last hour hammer candle is broken on downside, but RSI is also weak at the moment.
Personally I am waiting for 18920-30 zone for a better positional trade to the downside as it will be as per XABCD pattern and D is the major major PRZ.
Bit complex as of now.....hope the explanation is understandable...
Here you can see a XABCD pattern, drawn in Red.
Target is point D which comes around 18930, a major 1.618 resistance in terms of harmonics. But this is still untouched.
For a while just keep it plotted.
Now just check the previous swing broken out (shown on chart} and probably the retest is also done in last trading session
bcoz we can see a good hammer on the same breakout level.
As of now this hammer low can be treated as SL for any upside trade but this SL should be very very strict and the target can be that D point we have from XABCD pattern.
The moment this hammer on 2 hour chart is broken on down side be assured that we can see a good fall to the downside.
Now just check weekly chart where we have bearish reversal candlestick pattern on chart.
This is kind of dark cloud cover., Which normally gives a good down move.
For now not biased to downside unless this last hour hammer candle is broken on downside, but RSI is also weak at the moment.
Personally I am waiting for 18920-30 zone for a better positional trade to the downside as it will be as per XABCD pattern and D is the major major PRZ.
Bit complex as of now.....hope the explanation is understandable...