Nifty Smallcap 250 Double Top or New Bull
Updated
If this index is observed, price has taken support of 23.6% Fib level of pullbacks twice after significant rise since 2020.
Currently price is near the 261.8% Fib Level (15259.65) drawn between Jan 17 '22 top to Jun 20 '22 bottom
So far price couldn't break that resistance. Feb 5th and Apr 8 in weekly chart. Last 4 days in daily chart also isn't convincing. 15444 Pivot R1 needs to be broken.
Nifty Smallcap 250 index showing bear sign
Currently price is near the 261.8% Fib Level (15259.65) drawn between Jan 17 '22 top to Jun 20 '22 bottom
So far price couldn't break that resistance. Feb 5th and Apr 8 in weekly chart. Last 4 days in daily chart also isn't convincing. 15444 Pivot R1 needs to be broken.
Nifty Smallcap 250 index showing bear sign
Note
New Bull run is emergingNote
There was 525 days consolidation between Jan 17 '22 and Jun 20 '23 after rising from 23.6% Feb level on Jun 20 '22 bottom. After breaking out Jun 20 '23, price rose till 261.8% Fib Level.Whereas this time, correction and revival back was short. Just 75 days. V shape recovery. Probably may not exceed 161.8% Fib Level 17K if this breakout is successful
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