Nifty analysis
Refer charts, we have drawn a channel.
Lower channel line will be the decider, Break below is bearish, holding will be bullish.
Complex corrective waves are bound to show price action within parallel channel. Now if the action from 6th june is corrective then it must trade within the channel. Lower end of this channel is at 9550. Suppose this holds, then we can expect move above 9706 , targeting 9800.
Suppose 9550 breaks, on monday, it will mean that we have a faster retacement of the last wave. Which is first confirmation that we made a top at 9700, And a fresh down move has started.
In case we get a confirmation of down move, then last wave on the upside should be considered as truncated.
Hope this bit of info, helps you to understand technicals
Lower channel line will be the decider, Break below is bearish, holding will be bullish.
Complex corrective waves are bound to show price action within parallel channel. Now if the action from 6th june is corrective then it must trade within the channel. Lower end of this channel is at 9550. Suppose this holds, then we can expect move above 9706 , targeting 9800.
Suppose 9550 breaks, on monday, it will mean that we have a faster retacement of the last wave. Which is first confirmation that we made a top at 9700, And a fresh down move has started.
In case we get a confirmation of down move, then last wave on the upside should be considered as truncated.
Hope this bit of info, helps you to understand technicals
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