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Nifty Analysis For 7th July Expiry Week

NSE:NIFTY   Indice NIFTY 50
In DTF and WTF Nifty is in retracement phase. In 15 min timeframe one can observe a Hidden Bearish divergence in RSI. Hence I am expecting a trend continuation. But the question is how much retracement can we expect? To answer this I have used harmonic ABCD pattern to find the PRZ, which will be activated if and only if Nifty sustains above 15930. Then one can play a long upto 16000 as it is always a psychological support. If nifty breaks 16000 then it will be facing a strong supply zone because of harmonic PRZ highlighted in the chart. I want to consider a short from the PRZ for the best Risk to Reward(RR).

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