Get started
Nifty 50 Index
Short

NIFTY trading precariously - Down move head?

238
NIFTY daily chart is looking bearish with multiple confluences signaling down move.

  1. Trend line break
  2. Head and Shoulders
  3. 5 waves down


If we get a negative close below H&S neckline then it would be second close below neckline and might trigger downfall. On the positive side, ideally we should see a deeper retracement of the 5 waves down-move before the down slide starts. At the minimum 38.2% which would also coincide with downward sloping 20 day moving average, currently around 25300.

Would this happen or not, only time will tell.
YetAnotherTA
True Wave Scanner - scanner.elliottwavestrading.com
Also on:
Elliott WaveHead and ShouldersniftyshortniftytrendTrend Lines

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Elliott WaveHead and ShouldersniftyshortniftytrendTrend Lines
YetAnotherTA
True Wave Scanner - scanner.elliottwavestrading.com
Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.