NIFTY: Relentless rally. Enter on the next pullback.

Nifty 50 is having a relentless rally and is almost on overbought technicals on the 1D timeframe (RSI = 69.294, MACD = 68.470, ADX = 39.696). This calls for a short term pullback to the 1D MA50 as a similar fractal did in October 2020. Harmonic Bullish Cross relation on both fractals as they started the long term rallies after crossing above the 1D MA50 following prolonged Bear Markets.

We are on a symmetric 1.236 Fibonacci top and should find Support on the 0.786. We will buy there, targeting the 2.0 Fibonacci level (TP = 20,760).

Prior idea:


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