But what is going to be the trigger , Elections? Coalition Government? Trump impeachment rumor?
Just a matter of one powerful bad news or rumor.
HNS neckline is at 10000, so if Nifty breaks 10500 support this time moves downwards, then more probable chances of 10000 break and completing HNS at 9000.
Just a view, no trade based on this.
Nifty Monthly Elliot Wave analysis.
Looks like Nifty Primary Elliot Wave is in Wave 4 for Impulse Wave.
Can expect nifty Reversal at 9850 range.
Wave 4 should reverse at 38.2 Fibo retracement.
Wave 5 will be another Big Wave on uptrend.
Nifty Formed Shooting Star Pattern on daily Candlestick Chart today(11-06-2018).
Unable to decisively break resistance 10830.
In case nifty close behind 10780 , then sell with Target 1: 10720 Target2: 10615 with SL 10850 which nifty touched today.
Intraday play on 11-06-2018 , Sell nifty once 10780 breached with target 10720.
S/R Derived from 1 day and 4 hour Charts.
In 4 Hour CandleStick Chart , banknifty tested resistance of 26700 and pulled back.
In 1 Day CandleStick Chart , Banknifty formed Shooting star + Doji Pattern.
This can lead to mild Consolidation for some session.
On Monday(11-06-2018) if Banknifty trades negative for 1-2 hours , then Short with target placed around near term support 26075.
If Trades Positive...
Nifty retraced to 78.1% of recent downtrend from 10929 to 10417 as shown above.
And at 78.1% retracement pulled back and ended lower than that.
In Addition to this Shooting star Formation confirms the Short term Downtrend.
Shooting Start is a bullish reversal pattern formed at a uptrend.
Immediate target placed around 10550 Level.
While resistance is...