Dangerous H&S Pattern forming on Nifty.(Pending confirmation)

A Dangerous Head & Shoulders Pattern is forming on Nifty charts.(Pending confirmation) If we get a confirmation candle tomorrow or if the support zones of 22240 to 22186 are broken and if we get a closing below 22186 there will be confirmation for the same. If we get a confirmation of Head and shoulders pattern bears will have potential to drag Nifty further down to 21962, 21769, 21543, 21142 or even 20968 levels in a short to medium term. In that case I will consider it a buying opportunity only. Things will start to become sour only if we get a monthly closing below 20968 levels. On the brighter side today Nifty has taken a support at 50 days EMA. (Mother line). In case bulls are able to take control from here on the levels on the upper side will be at 22488, 22592, 22691 and finally 22800 levels. If Bulls have to fight back it has to be in next 2 or 3 days. Shadow of the candles is neutral right now.

Comment:

Support zone for Nifty was given as 22240 to 22186. What was the low of today? any guess? it was 22185.20. 💥💥💥That is what we feel proud about. This is the power of Technical analysis. The precision which you will see rarely. Till we do not get a closing below 22185 we are all good for tomorrow and rest of the week. All the other levels for support and resistnace will remain same.