” Bull or Bear – Nifty “
After correcting from its all time high levels of 10138 spot levels and made a low of 9685 spot levels, Nifty went into sideways and entered a consolidation phase. Price is also moving in a upward triangle Pattern. Breakout of Triangle can give a good entry point on either side.
Nifty is making a possibility of Bullish ABCD Pattern too.
Nifty recovered from a low of 9685 levels to 9965 levels which is 61.8% (Golden Ratio) fibonacci retracement levels or can go upto 78.6% fib retracement levels which is at 10040 levels which completes BC Leg of ABCD Pattern. So as of now, It’s a wait and watch situation.
If nifty reverses from current levels then below 9880 levels Nifty can test 9600 at 1.27 fib extn levels or extended levels at 1.618 extn which is at 9500 levels.
So keep a close watch !
Nifty Charts are attached below for the reference.
Here Learning –
ABCD Pattern, where there are 3 lines namely – AB,BC,CD. BC line retrace upto 61.8 % (or sometime 78.6%) fib ratio and then CD line continue its prior trend and can go upto 1.27 or 1.618 fib extn levels.
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