NSE:NIFTY   Nifty 50 Index
It has made a Bearish Harmonic AB=CD today along with a negative bearish divergence. The mid point of the parallel channel coincides with the Ichimoku Kijun support near 12500. Failure to hold the level on hourly basis could trigger a short term decline till 12250-12000 which coincides with the expected fibonacci retracement of the bearish pattern , Ichimoku Kumo support and lower end of the parallel channel . The next resistance for Nifty is at 12825 and above that at 13100/13500

Related Ideas