DESCENDING TRIANGLE BREAKDOWN PATTERN BATA INDIA Bata is looking a fresh short entry broken a important horizontal trendline with closing on daily chart
Trianglebreakdown
Nifty wave analysisNifty is respecting the channel and current channel support comes around 16200-150
previous low 16203
whenever nifty doing a corrective move .. pull back is restricted to golden ratio 61.8 %
after wave x... nifty doing correction in the form of waves abcde
there is probability of two scenario:
scenario 1: (shown with white color code)
nifty completed the corrective wave started from 18350 to 16203 in the form of abcde (shown with white color code)
scenario 2 : (shown with orange color code)
nifty still in corrective mode... completed abc wave and wave d going on
As per scenario 2... for wave "e" : nifty will revisit the channel support or may make double bottom
scenario 2 looks more preferable ... as after hitting the low 16203... impulse move missing ..
Currently wave "d " going on... till now it seems time correction only on upside... max pullback to 50%--61.8% fib ratio
after that wave "e" down towards channel support
Caution : Bears should be cautious near channel support and demand zone 16200--16400
Bulls should be cautious near 50% --61.8% fib ration and supply zone 16850--17000
nifty is below 200 DMA and 200 DEMA
Plan your trade accordingly near support and resistance...
