It is undoubtedly we are going to see a trend reversal at the end of the pitchfork line which is falling around 16950 - 17000. As it has overtaken all the obstacles one by one and from the chart it can be seen that the investor psychology at important pitchfork lines. Often called squeeze momentum candles we can see two small candles at the 1.5 UL, It passed two months around here and all the two candles closed in green at the month end, which helped a breakout candle at the green side. Finally as we can see from the beginning of the nifty history all the angles in the pitchfork either have given support or resistance , so we can make a conclusion that nifty will not go beyond this final UL of the pitchfork , at least on the first attempt. So, a good opportunity might we can get to pocket some bucks on the short side in this massive bull market possibly with safety.
Comment:
it is topped on 16983, alert