NIFTY monthly chart as seen after drawing SCHIFF PITCHFORK .
WE can observe few things here:
1) The median line is very strong support and candles in the past clustered around the median line before a bounce.
2) Whenever Nifty went to the +50% line (upper half) it reversed. It happened 2 times, i.e late 2010 and early 2015 (marked for your reference)
3) Most of the times NIFTY has been trading in the upper half of the pitch fork .
4) The angle of inclination of the median line is apporx 14 to 15 degrees indicating slow and steady growth over the years.
WE can observe few things here:
1) The median line is very strong support and candles in the past clustered around the median line before a bounce.
2) Whenever Nifty went to the +50% line (upper half) it reversed. It happened 2 times, i.e late 2010 and early 2015 (marked for your reference)
3) Most of the times NIFTY has been trading in the upper half of the pitch fork .
4) The angle of inclination of the median line is apporx 14 to 15 degrees indicating slow and steady growth over the years.
Comment:
More observations and suggestions are most welcome :) _/\_
Comment:
This chart suggests Nifty could see more upside in days to come
Comment:
.
Nifty moving towards the +50% line!
Lets see if its going to touch it this time again. If it touches then is it going to break it or bounce back.
Nifty moving towards the +50% line!
Lets see if its going to touch it this time again. If it touches then is it going to break it or bounce back.
Comment:
Nifty moving towards the 50% line
Comment:
pitchfork still valid
Comment:
Moving towards the median line
