Nifty Hourly charts and the Rohits Momentum now share a positive bullish divergence and one more buy signal afterward. Minor wave ii? Everytime you do not get a V shaped recovery but price action is a process that you have to follow with all the arsenals you have in Technical Analysis.
How is it a divergence when both are rising as marked in this chart above?
indiacharts
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@Wealth-Charts, that is a very good question. It is not visible but when I consider divergences I consider it on closing prices which were lower even though the bar intraday did not make a lower low. Why closing prices? Because most technical indicators are calculated on closing price data only.
Wealth-Charts
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@indiacharts, Noted, thanks. Though, in Elliott waves one uses bar top & bar bottom for projecting fibo. wave targets etc & ditto for drawing channels as well.