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.

NIFTY - EW Analysis

Hi Friends,

In my last post I mentioned about Head & Shoulder Pattern. However, Bulls managed to protect 8000 and Nifty bounced almost 50% of the Fall to 8561. This rise seems to be a part of Expanded Flat. Currently Nifty seem to have completed X wave of the channelized  complex correction in WXY.

NIFTY

After forming a Doji near 8500 Nifty dropped sharply and closed below 8385 which is initial confirmation of trend reversal. If it sustains below 8385-8420 we may see a further decline to 8185 and 7940 in future. Close below neckline near 8000 would further open a downside to 7500 in future.


Thanks & Regards,

Harsh Dixit.

NIFTY - Head & Shoulder Top

Hi Friends,

Nifty has been sliding down ever since it touched 9100. This is a channelized decline. It seems to be a complex correction in WXY.  

NIFTY - Head & Shoulder

Nifty has formed a Head & Shoulders Topping Pattern. Currently it is hovering around the neckline near 8000. If it sustains below 8000 we may see a further decline to 7600 and even more to 7300 in future.


Thanks & Regards,

Harsh Dixit.