Today NIFTY has crashed by 350+ points and reached 23165, a correction from 23800 levels .
Let me explain, This Nifty Daily chart is a classic example of how many fundamentals of Technical Analysis are satisfied.
1) Old resistances in 2024 at 22800 will now become Support levels
2) If it goes to 23000 and stops at 22800 levels it also fulfils the Wave 4 criteria, which says that Wave 4 never gets in Wave 1 territory
3) If this happens, the chart also completes an Inverse Head and Shoulder's Right Shoulder bottom to make an up-move towards the Neck.
4) if it crosses the Neck, the targets of Nifty will be above 25500, which will be 2500+points.
Technicals are beautiful only when you practice them.
Let me explain, This Nifty Daily chart is a classic example of how many fundamentals of Technical Analysis are satisfied.
1) Old resistances in 2024 at 22800 will now become Support levels
2) If it goes to 23000 and stops at 22800 levels it also fulfils the Wave 4 criteria, which says that Wave 4 never gets in Wave 1 territory
3) If this happens, the chart also completes an Inverse Head and Shoulder's Right Shoulder bottom to make an up-move towards the Neck.
4) if it crosses the Neck, the targets of Nifty will be above 25500, which will be 2500+points.
Technicals are beautiful only when you practice them.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.