The inverted head and shoulder pattern, together with upward momentum of RSI and ADX , signifying the upward momentum for Nifty.
The surviving of Nifty above 200 period MA, emphasizes the upward momentum for Nifty.
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A clear inverted head and shoulder pattern have occured in Nifty on daily chart.
There is also a upside crossover of stochastics and the %R is also moving in the upside.
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We are in a bull market and no need to panic for a bear grip. We are nearly in as much correction as Oct'18.
The 10750 zone might give us strong support for the wave 2" to be completed.
The zone shift might happen after crossing 12000 zone. Then we can see 14000 level.
If Nifty able to cross the 11200 zone and sustain above it,then it may march towards 12100 zone.
The sustained breakout above 12100 can take it to 14000 zone in medium to long term.
The stochastics and the %R has also given buying signal.
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Nifty is in the downtrending channel and maintainning the support of the downtrending channel.
All the three indicators are likely to move upwards from the near support zone.
It is highly likely that the wave 2 have been completed.
It seems the 3rd wave is in the offing.
Investors are zeroing in to jump on the board. Let's see.
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We might see some pullback as Nifty touched the lower bollinger band and the lower point of the downtrending parallel channel.
%R taking support at the lowest level.
There is a slight divergences between Nifty and the RSI, as the RSI continously going lower whereas Nifty doesn't (comparison between 19/2/19 and 1/8/19 )
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We may see a correction (50% retracement) at 11100 zone, which might be the confluence of oversold zone previously observed in previous three correction.
The angular shift can be compared with (1-2) wave. Then we may see another third wave.
In the weekly chart,nothing happened to Nifty yet, one can still go long on Nifty , the wave pattern is clearly suggesting . Moreover , it is still maintainning the upward channel. By the by, for a sustainable upmove, the RSI must have to sustain above atleast 63-65 level.