Hey everyone!
Its feels very nice to be back on TradingView.
Nifty has been following the Fibonacci Circles as mentioned in my previous idea.
It has been rejected 3 times from crossing the all time high and currently in a downtrend.
I can find two major patterns being formed in this chart. Lets have a look at them!
Bullish Pennant:
Here, we can see some bearish pressure. Today, the market closed bearish just before a long weekend. You should not hold any positions in this condition because of the existence of high risk.
Broadening Triangle:
Here, we are getting a very bearish signal as the price got rejected again from the upper trend line. If the lower trend line of the bullish pennant does not hold the price, the price may fall drastically.
View on 4 hourly:
The price closed inside the golden zone today. The next opening may play a major role in deciding the further trend of the market.
Its feels very nice to be back on TradingView.
Nifty has been following the Fibonacci Circles as mentioned in my previous idea.
It has been rejected 3 times from crossing the all time high and currently in a downtrend.
I can find two major patterns being formed in this chart. Lets have a look at them!
Bullish Pennant:
Broadening Triangle:
View on 4 hourly:
