More fall expected in Nifty?

NIfty has formed a bearish head and shoulder pattern, whose neckline has broken recently. Further, it was rejected from a downtrend line during its last swing. 21800 can act as next support, while 21450-21350 is the pattern target range as well as support zone. If it can't hold these levels, a fall to 20350 levels is imminent to cover the gap formed earlier. Interestingly, this zone is also the target indicated by the pattern.

But can it reach directly to these levels? It may not. Its very common in the market to have relief rallies after a fall. So the market may retest previous support levels of 22500 before determining its direction.

Let me know your thoughts on this. If you found this helpful, like this post. Follow me for more such updates.