Overview
The head and shoulders pattern is nearing completion, accompanied by positive RSI divergence, indicating the market may have bottomed out.
Key Observations
Head and Shoulders Pattern:
Suggests the end of the downtrend.
Indicates a potential upward trend.
Positive RSI Divergence:
Shows bullish signal with higher lows on the RSI and lower lows in price.
Market Projections
Final Correction Phase:
Nifty at 23700.
Breakout above 24600 confirms bullish momentum.
Conclusion
These technical indicators point towards a bullish phase. Monitoring the 23700 level for correction and 24600 for confirmation of a new rally is crucial.