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Above chart is showing Elliot Triangle Chart Pattern.
possibility of Breakout toward bullish trend
1. April Derivative data suggest current 9000 level touch is at low volume, there is price - volume divergence.
2. Nifty unable to sustain at 9000 level
3> SL 9100
Use option bear spread to benfit from this move. Trade using future is not advisable as moves in this zone will be jettery.
It is been observed on a hourly chart that the price action was correcting in a flat correction as per the Elliott Waves principles. It is a three waves structures marked as A,B,C. Now, after the completion of the sideway move or a flat correction, the price action moved sharply up to previous resistance levels but failed to break it and then retraces above the C...
NIFTY has been struggling to fine further direction,it seems, it has to retrace from this level to short term support around 8630 in the coming week, if it doesn't break the 8841 level. go short keep SL 8845.
Simple classical Channel short trade is possible. Stop Loss above the high made recently and target is open depending upon the patience of the trader however the target of Fib .618 to .786. level seems to reach quite easily.