Details mentioned in the chart are price action setups, as per Al Brooks books
I am still learning and this is by no means a recommendation
The head and shoulder reversal is working well.
The only problem can be a spike and channel pattern( bear) on 1 hour time frame which has a 75% probability of breaking to the upside
Expect nifty to reach 23350, in a week or two
Gap down opening or any way to pull back, followed by measured move into EMA, followed by move down, to stay within the channel
A bear channel has 75% probability of breakout to the up side
Maybe a broader channel or trading range in longer term
Looks like two legs sideways to down might be seen in FINNIFTY. The tight bull channel, breakout of the trend channel line should set up a reversal, Since it is a tight channel, in a strong bull trend, any reversal should result in side ways movement, rather than a bear trend. The reasons for the bars to move higher or lower are mentioned in the chart
