NIFTY as expected tested its near term pattern support of 22100 once it got a daily close below 22303. As discussed earlier current decline would be categorized as a pullback on larger degree time frame.
Atleast as long as levels of 21710 to 21530 stays intact on downside the possibility of a sizable correction does not persist.
We have been discussing on a major topping pattern which have been developing since early Feb on NIFTY and almost all major INDICES in past many of my followers had Genuine questions why its a kind of a TOPPING formation when INDEX keeps making new highs every 15 to 20,days..
that question is legitimate and understandable but answer of that question is quiet complicated. I have explained it to several of my clients and subscribers individually but explaining those facts in a blog post is not an easy task.
Specially if you are not aware on basic terms of gann theory then it would get more tough for you as a reeder.
So lets wait to see how things unfolds in coming days.
In case my analysis is correct then you have no idea what future have in store for MARKETS.
“SHORT TERM UPDATE:
“NIFTY”
NIFTY post achieving 22100 have shown a recovery which could extend closer to 22450 on spot.
Post this expected recovery we could see a hard turn lower which could drag price below its critical support of 21710.
Utilize this bounce to short INDEX for much lower targets in next month.
“S&P;500”
S&P after October 2023 have broken a rising vibration pattern this have massive bearish implications for medium term.
A break of 5060 have opened up downside target objectives of 4950 and 4840 on cash.
but in extreme short term because INDEX is approaching a gap zone which occured post NVIDIA results so that could trigger a relief rally which can take index closer to 5100 and change.
Primary trend have turned lower for both indices. A expected bounce would make risk rewards more lucrative for fresh shorts.lets see.
gann,insides 