Looks like fresh upside has began and prices will continue in direction of Fibonacci extention
Right now Nifty does not posses any positive or negative strength. I can be clearly seen nifty failed to create new bullish price cycle after bullish divergence of last day. Wait for prices to either confirm downside by breaking support with shift in volatility or bounce.
It looks like Second Price cycle for Nifty has began and most likely we might see Nifty hitting 8761 in February. For now it seems like we may see some sideways move till end of month. For now it is good to wait for Nifty to complete sideways movement if it begins tomorrow.
1. Height of triangle was projected in downside. Then Nifty undergoing retrace. 2. After fall of 1 Fibonacci Retrace was 0.6 Conclusion : In case prices continue to fall from these levels it can fall upto 1.6 or 2 level on Fibonacci extension. Expected minimum TGT 8272
8417-8211 is crucial band for the next week If fall down continues then it may hit the 8211 mark. If it start rising then 8415-8420 will be crucial mark. If it breaks it then may continue moving upwards for a while in the week.
Will Nifty going to fill the existing Gap ? If yes, then bear will takeover the Nifty. Trade: Short below : 8373 Target 1 - 8345 Target 2 - 8331 Target 3 - 8308 Target 4 - 8286 Stop Loss - 8459 Reward Points = 117 Risk Points = 86
In case you prefer positional trading Nifty has undergone shift in volatility with divergence and break of resistance. The momentum has changed to downwards.
Nifty confirmed triangle break with first 15 minute of opening. I think short can be initiated for minimum downside of 8385. Prices are currently retracing to broken line take entry at the end of retrace.
If Triangle Breaks in downward direction then we can expect good downside
If price breaks 8402 with shift in resistance expect nasty fall, minimum TGT 8367, level of retrace 8346, for more info check chart
Just Like Fibonacci Arcs, Fibonacci Arcs are generated similar buy entries. You can take a look side by side to compare buy signals. They are exactly similar.
Nifty on 2 hour chart is perfect example of most accurate buy and sell signals on Fibonacci Arcs. Simply Amazing Example to keep and Share
Well Support didn't break as expected resistance broke. Looks like Nifty gonna touch the top of triangle and then take a dip
A divergence can been forming on Nifty, go short only if prices break support. In case you are already short maintain SL 8440
Nifty is hanging between support and resistance, it is advised to not go log or short before prices break in either of direction.