The pattern formed now in Nifty50 on 1D TF is very much similar to the pattern formed back in 2005 in first half. But in 2005's pattern it was a little bit sideways but the current pattern is formed in strong bullish trend. Will it form a double bottom pattern just like in 2005 and move up ? Let's see.
This is my own analysis. This post is for information purosely only.
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I'm stunned. I literally predicted movement of Nifty 50. I didn't told that it will may touch this level or that, but the way nifty will form the pattern, the probability, possibility by analyzing the Nifty's behavior in past and it's price action. Till today's candle (8th Dec 2021), Nifty 50 have completed almost the whole pattern same as of in 2005. Almost 90%.
Today it have touched the double bottom pattern's neckline and have closed very little bit higher than that. Yes, it's breakout but not a very strong one. So wait and watch, if it crosses today's high and is closed above it tommorow or day after that. It's breakout. And I can proudly say. I predicted the whole movement and pattern. The fall, double bottom.
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And if the breakout is sustained, I'm very bullish on Nifty 50. My personal view. Not any recommendation or call for any position.
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When we apply fibonacci from top to bottom then, today Nifty have tested the 0.61 fibo level. 1] This means the downtrend (Short term) is over and we are back in bullish trend. 2] Strong breakout from the falling channel with three white soldiers.
I'm expecting a retracement after this move, it should not go below 17180 level, the 0.50 fibo level from recent bottom to top. Yes, it's very far but it's good support.