Its not Me guys, Nifty is that and Nifty will do that, No, not Myself ! So yesterday when we completed the day we concluded with double bottom & Gap up which just happened now and as of now I can't assure whether that double bottom will fail & Nifty will move lower ( insync with breakout yesterday triangle) or turn up and make triangle break as false one. Anyway we are looking at broader picture now and have few scenario's to share with as I don't want to miss any points I have numbered it for you as 123 in chart ( Its not elliots, just numbering )
(1) The Triangle breakout, its still valid breakout, it will turn as false only if the bullish move happens till then its valid break to downside. If triangle works to down on hourly we will get Double Bottom check the above chart. If you are lucky enough you can trail stops in Nifty and head straight to 7900's breaking 8k's , only if we are lucky.
(2) The above double bottom is forming at 8k's zone, we have been expecting this 8k's to 8070's for quite sometime and 8k being psychological number too. (a) Now if there is lot of bull power waiting here just to initiate the bull run, so I'm not expecting straight move down to 7900's. Nifty will touch 8k's zone and jump back to 8400's for expiry. (b) Now bears might have turned lazy & will be slow to break 8k, unless some trigger is there. Only if there is trigger straight 7900's possible.
(3) The 8400's , its first serious resistance for Bull's and Bears are protecting 8500;s, showing no mercy at bulls. When we reach that zone Bears will strike back ( I expect ) and take it to 7900's, which will make double bottom on hourly as failure one. So till 8400's its fake bull run - Just Fake it !
Why I'm so curious about 7900's ? I have a reason, will explain as separate post over the weekend. We may range today if 8k support is going to hold. As of today,
if you are intra Go with yesterday triangle's post on Nifty or if you are positional wait n watch price action around 8k's n decide whether double bottom works or fails.
(1) The Triangle breakout, its still valid breakout, it will turn as false only if the bullish move happens till then its valid break to downside. If triangle works to down on hourly we will get Double Bottom check the above chart. If you are lucky enough you can trail stops in Nifty and head straight to 7900's breaking 8k's , only if we are lucky.
(2) The above double bottom is forming at 8k's zone, we have been expecting this 8k's to 8070's for quite sometime and 8k being psychological number too. (a) Now if there is lot of bull power waiting here just to initiate the bull run, so I'm not expecting straight move down to 7900's. Nifty will touch 8k's zone and jump back to 8400's for expiry. (b) Now bears might have turned lazy & will be slow to break 8k, unless some trigger is there. Only if there is trigger straight 7900's possible.
(3) The 8400's , its first serious resistance for Bull's and Bears are protecting 8500;s, showing no mercy at bulls. When we reach that zone Bears will strike back ( I expect ) and take it to 7900's, which will make double bottom on hourly as failure one. So till 8400's its fake bull run - Just Fake it !
Why I'm so curious about 7900's ? I have a reason, will explain as separate post over the weekend. We may range today if 8k support is going to hold. As of today,
if you are intra Go with yesterday triangle's post on Nifty or if you are positional wait n watch price action around 8k's n decide whether double bottom works or fails.
Comment:
That's how Nifty fake it in style and going up... Sure, Nifty will be singing " nayak nahi "
