A bearish engulfing pattern adding to the bearishness shown by the previous three candles. The red down trendline from 6338 has now been hammered continuously from the beginning of this month without success.The megaphone pattern in which Nifty is moving indicate the break of this range 5693-5944 is biased for a down breakout showing clearly the lower tops and lower bottoms.
Half Hourly Chart
A triangle shown in pink which is on the brink of breaking out on the downside. On the other hand ,the latest action shows a symmetrical triangle forming shown in green. The fourth leg seems to be forming and if takes support on the lower trendline then in all possibilities the fifth leg will lead to an upward breakout. Both are symmetrical triangles which shows indecision. The inverse head and shoulders mentioned yesterday is still valid.All these patterns encompassed in an expanding triangle which i have discussed before.
Truly unpredictable at the moment. Trade light.
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