Nifty Has formed a Head and shoulder pattern with a breakdown level being 16880.
Nifty broke 16800 yesterday with huge volumes. but today it opened with a GAPUP but couldn't sustain and witnessed a huge sell-off.
This was more of a retest and now it is well-positioned to slip further.
Also, the move(According to Elliot Wave Theory) is the 3rd wave in which the momentum is very fast.
Positional traders can look it as an opportunity to go short with a Stoploss of 16980(today's high) and a target of 15500.
Disclaimer: Educational view
Nifty broke 16800 yesterday with huge volumes. but today it opened with a GAPUP but couldn't sustain and witnessed a huge sell-off.
This was more of a retest and now it is well-positioned to slip further.
Also, the move(According to Elliot Wave Theory) is the 3rd wave in which the momentum is very fast.
Positional traders can look it as an opportunity to go short with a Stoploss of 16980(today's high) and a target of 15500.
Disclaimer: Educational view