Hello Everyone,
I am sharing Nifty chart on 1 Day time frame.
First of all the trendline is broken which definitely means the uptrend is on a pause at-least for a while.
Second thing to observe is nifty broke out a very important level of 16790-16800 which is actually never retested.
Might be we can see nifty coming down to just retest the 16800 level before any further up-move towards all time high but before that,
one more important level is 17160 which I have mentioned by point B with help of harmonic pattern XABCD on chart.
If we get this 17160 level broken chances will be very high that,16800 will be tested bcoz XABCD pattern also suggests that. For this XABCD pattern to get activated the point B (17160 ) needs to be broken, this is the most important point for this XABCD pattern.
Now overall the point to say is if we have closing below 17160 we are heading towards 16800.
If 17160 is not broken, then we might see nifty to be sideways between range of 17160 to 18000.
It has to move in any one direction (closing above 18000 or closing below 17160)
then only anything can be said clearly about the direction as per now.
Till then just watch this analysis if it works and how nifty plays out.
Will update again after we get monthly closing.
I am sharing Nifty chart on 1 Day time frame.
First of all the trendline is broken which definitely means the uptrend is on a pause at-least for a while.
Second thing to observe is nifty broke out a very important level of 16790-16800 which is actually never retested.
Might be we can see nifty coming down to just retest the 16800 level before any further up-move towards all time high but before that,
one more important level is 17160 which I have mentioned by point B with help of harmonic pattern XABCD on chart.
If we get this 17160 level broken chances will be very high that,16800 will be tested bcoz XABCD pattern also suggests that. For this XABCD pattern to get activated the point B (17160 ) needs to be broken, this is the most important point for this XABCD pattern.
Now overall the point to say is if we have closing below 17160 we are heading towards 16800.
If 17160 is not broken, then we might see nifty to be sideways between range of 17160 to 18000.
It has to move in any one direction (closing above 18000 or closing below 17160)
then only anything can be said clearly about the direction as per now.
Till then just watch this analysis if it works and how nifty plays out.
Will update again after we get monthly closing.
Trade closed: target reached:
hello everyone
Be watchful now.
Target almost reached.
We can accept some pull back on the upside anytime soon.
Will update again my analysis after monthly closing.
So far so good its going as per our analysis.
Be watchful now.
Target almost reached.
We can accept some pull back on the upside anytime soon.
Will update again my analysis after monthly closing.
So far so good its going as per our analysis.