NIFTY monthly chart as seen after drawing SCHIFF PITCHFORK .
WE can observe few things here:
1) The median line is very strong support and candles in the past clustered around the median line before a bounce.
2) Whenever Nifty went to the +50% line (upper half) it reversed. It happened 2 times, i.e late 2010 and early 2015 (marked for your reference)
3) Most of the times NIFTY has been trading in the upper half of the pitch fork .
4) The angle of inclination of the median line is apporx 14 to 15 degrees indicating slow and steady growth over the years.
WE can observe few things here:
1) The median line is very strong support and candles in the past clustered around the median line before a bounce.
2) Whenever Nifty went to the +50% line (upper half) it reversed. It happened 2 times, i.e late 2010 and early 2015 (marked for your reference)
3) Most of the times NIFTY has been trading in the upper half of the pitch fork .
4) The angle of inclination of the median line is apporx 14 to 15 degrees indicating slow and steady growth over the years.
Note
More observations and suggestions are most welcome :) _/\_Note
This chart suggests Nifty could see more upside in days to comeNote
.Nifty moving towards the +50% line!
Lets see if its going to touch it this time again. If it touches then is it going to break it or bounce back.
Note
Nifty moving towards the 50% lineNote
pitchfork still validNote
Moving towards the median line
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Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.