Nifty : Prediction of Direction just with Lines !
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Hello Good Morning Friends ! Cheer Up...
Yes, we do have some trade opportunities in Nifty today. Remember yesterdays Bull flag on 5mins, it appears as rectangular pattern on 15 mins, so if a Gap Up or Nifty open in zone with rectangular breakout to upside will give us real good chance of grabbing 20 points in Nifty till the resistance zone 8840's. Actually, if Nifty reaches there there is another chance for Doubletop @ 8840's I expect Nifty to face some heavy resistance there and return back to Bear hands & late by the day 8800's zone {Rectangle zone} gets weak and support gets broke, we have potential chance to hustle up more than 70 points in Nifty.
Those trendlines on chart can be drawn on 1hr, the resultant triangle pattern will look bad because of the Gaps we have in Nifty. If we get Gap down or downside breakout, Double Top around 8820's is winner and with rectangular breakout to downside, we can go short on Nifty with proper stops.
There are potential harmonic patterns also present, to avoid the mess of drawings on chart, I haven't drawn them but will update them as n when it happens. As am typing, Nifty pre-market within Rectangle... Well n Good Nifty, I appreciate that !
Note : Values referred are approx. Example : 8815 doesn't mean 8815 itself, its around that. Thats why I refer as 8815's
Lesson to take Home : Simple Trendlines also Work, Not compulsory to learn complex Harmonics or Elliott's !
Yes, we do have some trade opportunities in Nifty today. Remember yesterdays Bull flag on 5mins, it appears as rectangular pattern on 15 mins, so if a Gap Up or Nifty open in zone with rectangular breakout to upside will give us real good chance of grabbing 20 points in Nifty till the resistance zone 8840's. Actually, if Nifty reaches there there is another chance for Doubletop @ 8840's I expect Nifty to face some heavy resistance there and return back to Bear hands & late by the day 8800's zone {Rectangle zone} gets weak and support gets broke, we have potential chance to hustle up more than 70 points in Nifty.
Those trendlines on chart can be drawn on 1hr, the resultant triangle pattern will look bad because of the Gaps we have in Nifty. If we get Gap down or downside breakout, Double Top around 8820's is winner and with rectangular breakout to downside, we can go short on Nifty with proper stops.
There are potential harmonic patterns also present, to avoid the mess of drawings on chart, I haven't drawn them but will update them as n when it happens. As am typing, Nifty pre-market within Rectangle... Well n Good Nifty, I appreciate that !
Note : Values referred are approx. Example : 8815 doesn't mean 8815 itself, its around that. Thats why I refer as 8815's
Lesson to take Home : Simple Trendlines also Work, Not compulsory to learn complex Harmonics or Elliott's !
Note
Double Top Worked & Rectangle breakout also as said above, So Yesterday's Carryover Positions are worth the Risk :)Note
Vote here for Mcx and Nse F&O Datafeeds : getsatisfaction.com/tradingview/topics/-consolidated-request-indias-mcx-nse-futures-and-options-dataNote
If Double bottom forms & bullish price action confirmed, exit your shorts and initiate Longs with tight stops. But I feel we wont get Double Bottom. Check your charts n Plan :)
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