Hi Friends,
In my last post I mentioned about Head & Shoulder Pattern. After the bounce to 8655 Nifty started declining. This is a channelized decline. It seems to be a complex correction in WXY.
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| NIFTY |
Currently Nifty seems to be declining in 'a' wave of Y of the complex correction; which is further subdivided. Nifty broke below the neckline around 7960 and sustaining below it. Current decline may further continue till 7630-7540. After which Nifty may try to retest neckline around 7960-7990. Sustaining below the neckline may further open downside to 7230-7160.
Thanks & Regards,
Harsh Dixit.
