The story of Nifty touching 16000 is going on from June 15 and till now Nifty touched 15900 or crossed 15900 almost 6 times. Every time Nifty goes up, it comes down facing heavy resistance at top. Similarly Nifty wasn't able to break it's support zone too near 15600, every time it goes down, buyer push it up. Because of that Nifty has been trading in a range of...
heading towards harmonic PRZ.
if you have idea about reversal trading then trade on reversal from that PRZ level for long.
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******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do...
As we saw in previous chart it break all the resistance level and made an all time new high so changing the wave counts and considering the end of big wave 1&2 @ 15469 & 14173 respectively,
So If Nifty closes above 15954 and sustain then we can see a rally for 16352 which will be nifty's all time high
Overall Nifty is in a Rising Wedge.
The way it is shaping up after a cup breakout and now 3 VCP in an ascending triangle, it seems the short term correction will be over soon, unless something drastic happens and the ascending triangle is breached on the downside.
MACD also looks bullish for now.
This video link given below in box explains between trend & actual trend , pull back And retracement in stock market. This will help you to understand the structure of price behaviour in different manner.
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As stated last week, the support trendline (highlighted as green in this chart) was important. All hell broke loose on July 28th when Nifty Index 50 broke that trendline. The market though was able to pull itself back above the trendline and basically consolidated for next 2 days.
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Nifty is moving in a channel and after giving fake breakout it is now at top of the channel. This means its next move can be the bottom of the channel. And if not it can give a breakout and a good trend can initiate.