NIFTY - HEAD & SHOULDER BREAKDOWN

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.

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.