Hi Friends,
As mentioned in my previous Post. Nifty closed below 9792. So that's the Indication of Trend Change. Nifty tested 9685 and started rebounding. Currently it's trading near the Resistance of 9800. As Long as Nifty stays below this Resistance the Trend will remain Down.
As visible from the chart Nifty has Resistance near 9805-9815. The fall from 10088 to 9685 looks like a 3rd Wave which extended 2.618% of Wave 1. And current bounce might be Wave 4 which might be ending soon. As long as Nifty stays below the Channel Resistance Nifty Might Fall towards 9530-9450 as mentioned earlier. The confirmation for the fall would come once Nifty starts trading below 9777 and goes below 9710. Today's close must be below 9777 to conclude that the Down Trend will continue.
How long Nifty could continue to decline? If the assumption of the Current rise being wave 4 is true Nifty may Fall in the proportion to the previous Fall. Nifty has Fibonacci supports near 9527-9451-9354. Nifty Might Fall towards the previous Swing Low near 9450.
Conclusion: The assumption of Downtrend to continue will hold until Nifty closes and trades below 9792-9777. Close and sustaining above 9792 and we shall look for other alternatives.
Thanks & Regards,
Harsh Dixit.
As mentioned in my previous Post. Nifty closed below 9792. So that's the Indication of Trend Change. Nifty tested 9685 and started rebounding. Currently it's trading near the Resistance of 9800. As Long as Nifty stays below this Resistance the Trend will remain Down.
Conclusion: The assumption of Downtrend to continue will hold until Nifty closes and trades below 9792-9777. Close and sustaining above 9792 and we shall look for other alternatives.
Thanks & Regards,
Harsh Dixit.
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