padiyara

Next support is 8066 & 8016

Short
NSE:NIFTY   Nifty 50 Index
2
The expected Potential Reversal Zone was further extend to 8250.8,
with D retracing 1.14 of XA, qualified as an
Alt: Bat pattern , will have same bearish impact as you can see now.
so watch for .618 and .786 or even to a full retrace to 7952 levels.
Read this in conjunction with other indicators.Current pullback from 7952 can retrace fully.
Contrarian view :The swings from 8598 looks like a 5 wave impulse, and the pullback
which i mentioned above is also a 5 wave impulse, could be part of an ABC.
so the current drop could be arrested near 8066 to play an abc foam a B and nifty can go up toward 8600 too.
but the current scenarios in conjunction with technical view doesn't support a bullish count.
i strongly belive the nifty to go below 7916. Yes I said 7916, the demonetization Trump low :D .
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