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.
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More observations and suggestions are most welcome :) _/\_
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This chart suggests Nifty could see more upside in days to come
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. 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.
Superb Chart Sir ... This pitchfork analysis is known by very few analysts .. unique analysis really!! Thanks for showing us the hart using this analysis SIR !!
Appreciate your efforts
Appreciate your efforts