This was the first question came to My mind when I saw Inverted Head & shoulder pattern in Nifty, after yesterday's Head & shoulder pattern. How come chart appears as if its inverted ?? Probably, hangover ? Anyway, I'm expecting the game for the day will be between Resistance & support zones and breakout of any zone will determine direction for 2 to 3 days with pullbacks. On positional point of view, nothing much to trade on except break of zone or Inverted Head&shoulders breakout. On 15mins or 5mins we may get chances if bearish reversal happens around 8730's to 50's. Look out for Double bottom (lower timeframes) around support zone 8700's ( +/- 10 either side), so we can go long in Nifty for Intraday. With the open, chances of Double bottom in Nifty exists, it may fail or work, enter only after valid confirmation. Inverted H&S (upside breakout move), I didn't draw that one & the arrow shown down may apprear as potential pattern, its not advanced pattern which I usually do.
When I noticed inverted Head&Shoulder pattern today morning,I was like.. "Who turned My charts upside down ?" It seems Nifty did that & I realized its not hangover bcos I don't booze ;) Feel free to leave your comments & views on Nifty.. it feels like I'm doing all the talk... Even if its wrong its ok, don't hesitate, we can learn together.
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As mentioned earlier, perfect double bottom in 5 mins..Enjoy !
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Always follow your plan !
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Guys, have a great weekend & Enjoy the holidays. See you all by Next Thursday 9 am. Will come occasionally for Fx, but Indian Nifty, Next week Thursday 9 am :) Enjoy...
wasnt this triangle the 4th wave heading towrds 5th ?
InsiderB
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Depends on how wave count is done, yesterday you did on 1 hr , right ? Just cross check once, probably they will be in sync
SohilShah
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yes did on 1 hr, but not "convinced" with the formation of this triangle since the channel formation from 2-4 & 1-3 does not hv the right "look" !!!!
InsiderB
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1 hr and 5 mins comparison will have huge difference, bcos the price action & structure of market will be different, so you can skip 5min triangle if it doesn't sync.
SohilShah
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ok thanks
theeye
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with this short expiry month and holidays I think the big players will do premium eating game on CE & PE in index. so volatile will be the overall game.
InsiderB
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True, during these holiday season's market won't much & institutions also take it slow, so all they do is premium eating in Oct n Nov. Same happens in US around Christmas, For India its Dasara n Diwali !
AMBRISH
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Thanks.
anishkalra
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luks like INV h& s, gud RR keeping long with yest low as Sl