Nifty seems to be making a corrective move on the upside, after which we will soon witness the impulsive volatility. For now the Head and Shoulder pattern seems to be almost complete. We are at resistance, 3rd attempt to break this level, but need to watch for Impulsive move on the downside. Which will signal lower levels going ahead. If holding longs, golden opportunity to exit :)
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So the impulse came in today...unable to break the resistance. We might be heading down now. Need to see...how the price reacts to the upsloping trendline.
Comment:
So we bounced today off the triangle support, will post the shorter time frame chart, Long term trend still seems to be down, but a rare possibility of reaching 11200 before going down. so lets see how the price plays out, do we fall from here only, or we fall from 11200 area.