Nifty

It has made a Bearish Harmonic AB=CD today along with a negative bearish divergence. The mid point of the parallel channel coincides with the Ichimoku Kijun support near 12500. Failure to hold the level on hourly basis could trigger a short term decline till 12250-12000 which coincides with the expected fibonacci retracement of the bearish pattern, Ichimoku Kumo support and lower end of the parallel channel. The next resistance for Nifty is at 12825 and above that at 13100/13500