Hello Traders, today, I'd like to show you the weekly timeframe. Here, a reversal pattern has formed; an „Evening-Star“! This occurs at a top and is build of three candles. The middle candle is separated by two gaps from the other candles. If this pattern play out, the trend will change to the downside and a correction is next. A minimum target is around the 17181 level; another level could be around the 16705-16775 where an open gap has left by trading over weekend; more bearish potential exist! But if the latter candle off the evening-star would be eliminated by higher price in the coming week, the door should be open to new high's as mentioned in my latter analysis. Finance markets are a „living something“ and always change from on to the other minute. So what called out yesterday went sometimes quickly into a failure sight! Always be prepared for a change of your look and stay flexible.
Have a great weekend..... Ruebennase
Feel free to ask or comment..... Trading this analysis is at your own risk.....
nifty heading for bigger fall below 16k, may be after a pull back from 17050 zone ...
ruebennase
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@pankaj564, Hello, good to read you! Hopefuly you are well. It looks Like, that inter-markets will trend lower, cause markets need to price the comeing rate-hikes at US markets. Can bei rushing many pointa lower. Are there any rate-hikes in focus for IIndia? Have a great time. Regards....Ruebennase
Disciple_Of_Shiva
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Not an evening star.. it is a similar formation but not an evening star.. rules matter..
@ruebennase, the red candle after the star should have pierced and closed below at least below the mid point of the large green candle before the star bro