(In the last NIFTY OUTLOOK post the Bearish Wolfe has completed its target,Now we may see signs of Bullishness)
This is not the very first time that NIFTY has formed a pattern roughly similar to Shooting star on Monthly TF .
This has been formed before during the month of October 2020, January 2021 & recently October 2021.
Now the few crucial points that I have noted is the fall during:
Low for the next upside rally is generally made in the last working day of the month.
30th Oct 2020 found its support at 28th Aug 2020 Closing
29th Jan 2021 found its support in between roughly 15th to 18th Dec 2020 Closing
Currently NIFTY 29th Oct closing is standing at 16th Sept Support
And generally NIFTY has found its support near its 1 - 1.5 Months back high or low
So Why not wait for some more time for the low to be taken out before turning Bearish (Sell on Rise).
Chart & Analysis - Adarsh Dey
This is not the very first time that NIFTY has formed a pattern roughly similar to Shooting star on Monthly TF .
This has been formed before during the month of October 2020, January 2021 & recently October 2021.
Now the few crucial points that I have noted is the fall during:
Low for the next upside rally is generally made in the last working day of the month.
30th Oct 2020 found its support at 28th Aug 2020 Closing
29th Jan 2021 found its support in between roughly 15th to 18th Dec 2020 Closing
Currently NIFTY 29th Oct closing is standing at 16th Sept Support
And generally NIFTY has found its support near its 1 - 1.5 Months back high or low
So Why not wait for some more time for the low to be taken out before turning Bearish (Sell on Rise).
Chart & Analysis - Adarsh Dey
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