I presume Nifty has made a top at 12158.80 for now
In my earlier post (link attached), I mentioned Nifty making a head and shoulder pattern on the hourly chart which mentions a TGT of 11750-11700.
Nifty Hourly Chart
Now, If you look at daily chart of nifty it has already made a left shoulder and a head, presuming nifty goes down , takes support around 11750 -11 800 levels for a while (previous swing low and 50 DMA)and bounces back to 11950 - 12050 levels ( around the height of the left shoulder) and retraces to 11700(which is the target according to the hourly head and shoulder pattern), it would have then made the Right shoulder on the daily chart as well completing the head and shoulder on the daily chart.
Target of this daily head and shoulder breakdown would come around 11500 - 11450.
Disclamer: It still has a lot of assumptions.
This is analysis only and not a tip to trade.
In my earlier post (link attached), I mentioned Nifty making a head and shoulder pattern on the hourly chart which mentions a TGT of 11750-11700.
Nifty Hourly Chart
Now, If you look at daily chart of nifty it has already made a left shoulder and a head, presuming nifty goes down , takes support around 11750 -11 800 levels for a while (previous swing low and 50 DMA)and bounces back to 11950 - 12050 levels ( around the height of the left shoulder) and retraces to 11700(which is the target according to the hourly head and shoulder pattern), it would have then made the Right shoulder on the daily chart as well completing the head and shoulder on the daily chart.
Target of this daily head and shoulder breakdown would come around 11500 - 11450.
Disclamer: It still has a lot of assumptions.
This is analysis only and not a tip to trade.
Comment:
Let us see if this bounce makes a right shoulder or takes the Head off ..... ;)
Comment:
Closing of today will be critical ... It will decide the further move ahead for NIFTY
Trade closed: stop reached:
SL reached stopped out ... head taken off
