- Nifty 50 has been in a strong up move from several weeks and days. Everyone is expecting a correction. and this analysis shows
the study which shows that Nifty 50 is preparing for a down move.
- throughout it's upmove nifty 50 has gotten into a tight range now making a rising wedge pattern which has a high probability of breaking down and high profitability.
- Along with it has also formed a double top at the resistance of the rising wedge
- My 3 point is that as per the elliot wave theory nifty 50 has completed it's 5th wave and is ready for a correction
- Last point which supports the bearish claim is the RSI divergence which can be clearly spotted with a naked eye in the chart.
I believe in keeping things simple and accurate rather than filling up the chart with a lot of Noise.
If you found this analysis insightful and helpful please give it a like and leave a comment if you have any doubt or for discussion
I would love to hear your opinion on this analysis.
Thank you.
the study which shows that Nifty 50 is preparing for a down move.
- throughout it's upmove nifty 50 has gotten into a tight range now making a rising wedge pattern which has a high probability of breaking down and high profitability.
- Along with it has also formed a double top at the resistance of the rising wedge
- My 3 point is that as per the elliot wave theory nifty 50 has completed it's 5th wave and is ready for a correction
- Last point which supports the bearish claim is the RSI divergence which can be clearly spotted with a naked eye in the chart.
I believe in keeping things simple and accurate rather than filling up the chart with a lot of Noise.
If you found this analysis insightful and helpful please give it a like and leave a comment if you have any doubt or for discussion
I would love to hear your opinion on this analysis.
Thank you.