Evening star at resistance in nifty may take dip
Hii My All Friends i am new here and need your support Still learning. i am doing MBA in Business Analytics which i learnt i apply here if i am wrong somewhere please correct me or follow me for more info 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.
Does the channel continue to follow? I know the answer...
As discussed earlier in chart it will reach resistance of the channel with confirmation of reversal candle we can short because today's daily candle took support.
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.