On 17th Nov. Nifty made Hanging man candlestick chart pattern. We have got the confirmation of the same on 18th Nov. It looks we are in for significant correction from 20th Nov. This also coincides with price-volume diversion.
It seems market has broken down before making another high (5182 previous high). We may have completed B wave at 5079 of A-B-C correction. This has followed after completing uptrend of 5 waves from 2539 to 5182. If we are in wave C now then that should be down. This needs to be confirmed by close below 4882 in coming days. The target of wave C could be lower than the bottom of A at 4538. The US Dollar has also started getting stronger since 18th Nov.
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It seems market has broken down before making another high (5182 previous high). We may have completed B wave at 5079 of A-B-C correction. This has followed after completing uptrend of 5 waves from 2539 to 5182.
ReplyDeleteIf we are in wave C now then that should be down. This needs to be confirmed by close below 4882 in coming days. The target of wave C could be lower than the bottom of A at 4538. The US Dollar has also started getting stronger since 18th Nov.