Nifty for NSE:NIFTY by Dinesh_C_Nagpal

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trendanalysis harmonicpatterns indicator nifty50 niftytrend ichimokuchart harmonicsignals niftyanalysis ichimokuindicator

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

https://docs.google.com/document/d/1xbkzyXmQt2F3pgbiwY39zjjj46lo7UEIiTYmCCpx254/edit

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about NIFTY 2

Comments

hello! . . Dinesh Ji

is this trade active? . . any updated view, based on how markets have progressed sinced you posted this idea!!?

pl share.

tx

gauravsehgal

@gauravsehgal, it was negated a long time back, pls check comments below, my apologies for not updating it above. For now heading towards 13500, one can keep a trail of 13075 on hourly closing basis. (this is a dynamic trail, it will keep going up as time goes by irrespective of price) For BN its at 29500 spot hourly closing basis (again a dynamic trail) as it heads towards 30500

Dinesh_C_Nagpal

@Dinesh_C_Nagpal, thanks a many!

gauravsehgal

@gauravsehgal, now trail is 13150 / 29725 (hourly closing basis)

Dinesh_C_Nagpal

@Dinesh_C_Nagpal, thanks for the update.

1) how likely, is the break below those levels?
2) In case those levels get broken, what could be a realistic 1st down side target one can expect?

hint: am stuck in a short position :)

It is gone till 2.93 can I take it as negated?

iamsumit001

@iamsumit001, a tick above the high would negate it now. Mind you the 38% pullback expected would also alter based on the distance from Oct 30 lows