Nifty Futures - Weekly Time Frame - Breakout below the balance

Jun 16, 2022

The fall started with a variation of the bearish Evening Star pattern right at the All Time High, followed by the bearish Engulfing pattern at the Pullback High and then the final nail in the coffin was another bearish Evening Star pattern again at the Pullback High. After that, it was a steady decline characterised by breakouts and acceleration followed by another variation of the bearish Evening Star pattern and now the big breakout below the last support at the July 2021 month low, from where the last rally commenced. It has fallen 17.5 per cent from the ATHso far this week.

Aug 20, 2022

Note

Immediately after the above was posted, the market made a nice rally - One-Time-Framing Higher for the next 8 weeks. At the end of the 8th week, it has made a Shooting Star pattern. But OTF Up is still holding. If the market opens lower next week (week commencing 22.8 - which is a Monthly Expiry Week) and this week's high holds, it increases the odds of an accelerated fall.