Imran_Wasta1 Updated   
NSE:NIFTY   Nifty 50 Index
Case Study: Nifty seems to be in a crucial position. It can either get stronger to give a flag pole breakout and extend higher in the near future OR BREAKDOWN to cover up the 3 remaining gaps.
We know that 99% of the time, Nifty fills its daily gaps and with these 3 pending, an up move will only mean a future down move to cover them up later.
It is better for the market if the price comes down to 16,000 filling up gaps only to rebound and create new highs.

What do you think???

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Weekly Timeframe:
The market gave a breakout of the trendline followed by a retest. later the retest FAILED when bears broke the trendline. Looks like, If the markets fall, the Buyers are trapped.
(I tried posting a link to the chart but I am not allowed to post links as I don't have a 10 reputation score MEH)
Interesting price action. We may either see a retest and continuation OR if the price comes back in the zone, We may see a good correction. Also, check the hourly chart to spot the breakdown of the upward wedge. 17500 may soon be a reality. ( Cannot post charts because trading view won't allow :( )

If you would like the charts, Help Me get 10 reputation :) !!!!
And.. 17,500 is a reality. What should be the fate of Nifty now? Given that we witnessed a parabolic red move for the last 6 days, we may see some bounce back until the market makes up its mind on the direction it wants to follow.
During the past week, the market hit a low of 16850, displaying a strong bearish trend with six consecutive red candles. The last two days, however, showed indecision with the formation of doji candles. Based on historical trends, it is possible that the market may show some pullback before determining its direction again. Nifty's final gap currently sits approximately 5% lower than the current level @ 16100. What are your thoughts on this matter?
It appears that the level of 16,850 has been tested several times, including today. Given the recent 8 red candles downward movement in the market, it is possible that we may see a short pullback. However, if the market continues to decline, it is uncertain whether the 16,850 level will be able to withstand another downturn.


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