Nifty - Tales of Triangles

NSE:NIFTY   Nifty 50 Index
890 5 19
* Support turns resistance (blue line)
* Descending Broadening Right Angle Triangle
* Ascending Triangle

or call it as H&S

>> Breakdown below 8,100
Comment: Bulls protecting 8100 aggressively
Trade active: Bears dominating
There are few confusing patterns here.
1. It could be as said an ascending triangle.
2. It could be a right shoulder top at 8300 with peak of the head at 8968.7
3. It however could be that the whole is a inverted cup and handle in which case the handle can project till 8548
4. It can also be a double top with 61.8 % retracement till 8520
5. It can be that this is an impulse up move of " C " of an ABC starting at 8968.7 in which case 61.8% retracement of wave 1 is placed at 8566
6. As per harmonic pattern the 127.2 % retracement of CD leg of the bullish deep crab pattern is placed at 8285
7. As per trend line the resistance is placed at 8460 for tomorrow.

CONCLUSION : Wait for 8300 to see if the trend is reversing otherwise you will see 8356 then 8270 the 8444 then 8056 then again 8350 before nifty says good bye to 8000 levels for a few months
+4 Reply
What trading view one must take based on this pl
bbrijesh ramiyer
@ramiyer, Sell below 8100
Nice one bbrijesh!
you are just awesome sir
+1 Reply
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