There is a very dangerous bearish reversal pattern , a potential "THE WIDENING TRIANGLE" being formed on NIFTY 1 HOUR CHART.
MARKET IS MOVING VIOLENTLY CREATING NEWER HIGHS AND NEWER LOWS BUT NOT HEADING ANYWHERE THIS IS A CLASSIC DISTRIBUTION SEEN AFTER A MAJOR TRENDING MARKET WHAT IS POTENTIALLY MISLEADING IS THE RANGE BOUND MARKET BEING FORMED WHICH I BELIEVE IS BORDERLINE DISGUISING THE WIDENING PATTERN
Only time will tell whether the range will hold or the pattern will be completed Two ghost patterns are plotted on the charts for the potential movement of the index
Watch this very closely. If NIFTY FUT does hit 16100 confirming the breakout of the range : be very cautious.This would be the classic bull trap as flocks of retailers anticipating this breakout for months will go all-in (just what smart money need) bam !!
On the downside wait for a RETEST of 15600 to go SHORT
TREAD CAUTIOUSLY AND INVEST WISELY !!!
Order cancelled
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Market Did Not Move as Per Trading Plan hence there was no Trade !!