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Double Top

Nifty : DoubleTop or Trendline Retest ?Hi Guys, Just two simple scenario's in Nifty, so the details in the chart repeats : I see two scenario's or potential formation for long/short trade setups. (i) If Market opens Gap Down, Nifty can find support in the zone below 8800's n bounce back (ii) If Market moves up & gives bearish reversal around 8880's we can enter short (iii) Breaking any of the support/Resistance will determine the direction I believe else another ranging day, which I don't expect it to be. Just an info for harmonic traders,last week bearish Gartleys target 2 around 8770's. Happy Trading !
NSE:NIFTY
by InsiderB
15
Nifty : Will Double Top & Gartley work Together ?!So, just by one quick look on the chart you will be know about the beautiful Gartley {updated yesterday morning, so I'm not sure how many of you noticed} and Potential double top formation. We predicted Nifty will taking off after Fed's but turned out to be profit booking & boring day. I don't have much expectations today also.Nifty may be ranging within 8900's - 8840's. The trade setups we have today are : (i) If Double Top confirmed with Bearish Reversal - Short Nifty (ii) If we find support at zone marked in green with Bullish Reversal - Long Nifty We have Simple 5-wave Elliot completion, charts will look messy if I draw everything on Nifty. So left it out. Pattern & Double top completion increases confidence only, doesn't mean 100% winning potential. How easy it is... I want Nifty to be this easy everyday, Just under 180 seconds Flat, analysis is over for the day.
NSE:NIFTY
by InsiderB
12
Nifty 50 : Looks can Deceive, So Beware !Nothing fancy today, No patterns or complex wave counts... Simple Double Top in Nifty. But is it Valid Double Top ? Actually, if Nifty is @ 8968's we can vouch that its very much valid double top but its few points away and we have resistance zone also. Nifty is known for its mischievous Gap openings, so lets wait n watch whether we get bearish confirmation in this 8950's-70's zone. We are on hourly, so if you want to check on 15mins, do an analysis before entering short in lower timeframe with Double top on Hourly. Moreover, if Nifty don't go down with Double top 8950's - 9000's play vital role in whats gonna happen next. Its how fast Nifty Crosses this zone or repelled back or Range in the zone. So this zone also plays important role,just keep note of it. More to come in this space...
NSE:NIFTYShort
by InsiderB
9