NIFTY (WEEKLY CHART PATTERN)

According to Monthly chart -Nifty is making HH to HL but RSI creates H&S pattern but no divergence is there = Means Confusion
Weekly chart - Nifty is making HH to HL but Price face resistance near upper trendline with bearish engulfing candle but RSI creates Negative
divergence= Means Negative.
Daily Chart - Nifty is making HH to HL pattern but price failed from higher levels and trading near 10300 levels and trading below trendline ( which is from 9700-10500) and RSI also given selling signal= Means Negative.

1hr. Chart - In 1 hr. chart If u look at RSI then it is trading below supporting trend line and indicates SELLING SIGNAL so for confirmation need a selling signal in RSI again -so wait watch for levels to go short.

Fibonacci analysis-- If u look on 2 nd wave -this is irregular pattern so 4 th wave could be Irregular pattern in ABC wave

FOR CONFIRMATION--STRONGLY LOOK ON 1HR CHART TO GO FOR SHORT WITH RSI FOR TREND CHANGE OTHERWISE STAY IN BUYING POSITION

Trade attivo:

This time Nifty is trading near 10220 levels after touched 10180 levels but i have confident it will have to touch again 10130-40 levels in 1 to 2 days But at that levels don't think that nifty will do as like free fall .

My thinking is saying it will take bounce from 10130 levels to 10300

Then trend will be decided

Trade chiuso: obiettivo raggiunto