Nifty - A possible double bottom around 7900-7950?

NSE:NIFTY   Nifty 50 Index
Nifty turned exactly from 50%/21 EMA . Carrying Shorts created at 8242 with Stop loss at 8280, target 7970-8000. 8100 came in a flash with gap down. Nifty can make a possible double bottom around 7900-7950. Will go long with Stop Loss of 7890.

* BankNifty is likely to breakdown from 18200 zone to 17800-850
* CNXIT is due for a leg down to 9800-9900 zone.
* Market heavyweight Reliance (RIL) also weak, technically.
The above market internals are also supporting the above hypothesis. Lets wait & watch.

Markets can prove everything wrong. Manage your risk carefully :-)
Comment: Although it took a bit long to reach at 7900-7950 zone. Watchout for double bottom. Very high possibility of a bounce from here as India VIX is not showing any signs of panic. Hovering at around 15.
Invalid only closing below 7850.


Somebody has removed his comment from here ....ha ha ha....eaten the humble pie.. :-)
Looks good, however I am expecting it will break downward without following this pattern.
Yes, Possible - It could be irregular correction & double bottom where chances are high that zone 7900-could be re-tested but it is too early to say anything. If it comes in the zone 7900-7950 & holds, then likely I will be interested to buy for a bounce back to 8400-8500 but let us wait, we should not picture the market -let market show us the way.
Comment removed
Boult2100 himanshulinks
@himanshulinks, This pattern can be recognized even by naive traders. This has played out many a times in the recent times. This year in February, especially in S&P 500. Perfect 'W" pattern played out. This is a popular 'W' pattern where price retraces from around 50% fib retracement (Nifty reversed from 8250, fall from 8600 to 7900). If somebody is ignorant no one can help. Moreover, in technical analysis there is nothing wrong or right only probabilities matter & this is one of the those.

Most important, if you don't like any posts then simply ignore and move on rather than wasting energy by writing useless comments. Though, we always welcome constructive feedback. :-)

Can learn some basics of this pattern here.
AnandNeeli Boult2100
@Boult2100, Well said bro
Boult2100 AnandNeeli
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