AS PER THE CHART, WE NOTICE THAT NIFTY IS AT AN UPTREND SINCE 2003, AFTER ACCOUNTING THE 2008 CRASH.
IF WE LOOK AT THE MOVE FROM EVERY SUPPORT TO EVERY RESISTANCE, THE NIFTY HAS MOVED IN THE RANGE OF 5000 (2003-2007) & 6000 (2009-2015) POINTS. AT CURRENT LEVELS NIFTY IS TAKING RESISTANCE AT ITS TREND-LINE.
IF WE ACCOUNT FOR A SMALL CORRECTION, FROM THE PREVIOUS LONGTERM SUPPORT (6950) FROM WHERE THE RALLY BEGAN, WE CAN HOP THE NIFTY WILL MOVE ATLEAST 5000 POINT (11950). AS PER THIS LOGIC, WE CAN EXPECT THE MARKET TO CONTINUE THE LONGTERM TREND BEFORE WE SEE A MAJOR REVERSAL OR BEAR MARKET.
THE TIME FRAME BETWEEN THE PREVIOUS LONGTERM RESISTANCE AND SUPPORT LEVELS HAVE BEEN (2003-2007) 4 YEARS AND (2009-2015) 6 YEARS. ALTHOUGH THE MOVE FROM 6950-10337 HAS BEEN FROM (2016-2017) 1 YEAR. THIS INDICATES THAT A FURTHER RALLY COULD BY VIRTUE OF TIME COULD EXTEND TOWARDS THE 11950-12950 LEVELS BEFORE WE SEE A MAJOR REVERSAL TREND.
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TRADE ACTIVE, AT 10800 WE ARE MOVING THIS DIRECTIOM