This is Part 4 of the Weekly Analysis series. Do refer to earlier parts for context:
Remember Part 3? Bears were loosening their grip. Now the Kangaroo is leaning towards the bulls!
But don't expect a straight-line rally. A healthy retracement could be exactly what the bulls need.
Why a pullback could be healthy:
🟢 Flat Ichimoku resistance lines could ironically become the bulls' strength.
🟢 Flat Kijun (23,477) and the consolidation ceiling / T-K meeting point (23,495.80) converge around a significant potential retest zone.
🟢 A weak T/K cross below the Kumo might ironically give bulls more strength to eventually break above the flat Senkou Span B (24,277) and reach the final target.
🟢 Weekly structure needs repair. Kijun remains flat, while Tenkan is still sloping down.
Tenkan needs to flatten first and then turn upwards. There is a long way to go!
Three possible retracement paths:
🟢 Shallow: Flat Kijun / T-K Meeting Zone — 23,477–23,495.80
⚫ Medium: Flat Tenkan — 23,279
🔴 Steep: Daily Demand Zone — 23,118–22,905
Note: The Demand Zone was formed on the Daily timeframe and is displayed on the Weekly chart for context.
The bulls may be getting their opportunity, but patience is the name of the game.
Can a healthy retracement prepare NIFTY for its next major bullish leg? 👀🐂🚀
Remember Part 3? Bears were loosening their grip. Now the Kangaroo is leaning towards the bulls!
But don't expect a straight-line rally. A healthy retracement could be exactly what the bulls need.
Why a pullback could be healthy:
🟢 Flat Ichimoku resistance lines could ironically become the bulls' strength.
🟢 Flat Kijun (23,477) and the consolidation ceiling / T-K meeting point (23,495.80) converge around a significant potential retest zone.
🟢 A weak T/K cross below the Kumo might ironically give bulls more strength to eventually break above the flat Senkou Span B (24,277) and reach the final target.
🟢 Weekly structure needs repair. Kijun remains flat, while Tenkan is still sloping down.
Tenkan needs to flatten first and then turn upwards. There is a long way to go!
Three possible retracement paths:
🟢 Shallow: Flat Kijun / T-K Meeting Zone — 23,477–23,495.80
⚫ Medium: Flat Tenkan — 23,279
🔴 Steep: Daily Demand Zone — 23,118–22,905
Note: The Demand Zone was formed on the Daily timeframe and is displayed on the Weekly chart for context.
The bulls may be getting their opportunity, but patience is the name of the game.
Can a healthy retracement prepare NIFTY for its next major bullish leg? 👀🐂🚀
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