19 Mar ’24 — N50 breaks support, but no flash crash expected...
Nifty Analysis - Stance Bearish⬇️
Recap from yesterday: “The only thing that could override this W pattern is the lower high, lower low formation. LH, LL will take precedence over a short-duration pattern all the time.“
4mts chart
I can say With 70% confidence that Nifty50’s Lower Low, Lower High (LL, LH) wave formation has taken precedence over the W (double bottom) pattern. If not, we would not have broken the 21913 support. Take a look at the 09.55 and 09.59 candlesticks, both are RED and with considerable depth. Once we breached the support, there was no attempt to retrace. One thing is missing though - momentum. The weak hands still hold the shorts, I am guessing it is the right time for the big boys to enter as the conditions are much more favorable right now. There is one problem though - BankNifty!
Nifty’s next major support comes at 21491, but before we go there we have some 2 months of data to be analyzed and processed. Reminding you once again that Nifty spent time from Dec 15th to Feb 15th between 21491 and 21913. So a flash crash could be ruled out per se. If that happens, then it is going to be some serious trouble for the current election structure. Always a greenish market is favorable for the current incumbent Govt. If the investors prices the chances of re-election being troublesome, then the market has only one direction to go.
63mts chart
Recap from yesterday: “The only thing that could override this W pattern is the lower high, lower low formation. LH, LL will take precedence over a short-duration pattern all the time.“
4mts chart
I can say With 70% confidence that Nifty50’s Lower Low, Lower High (LL, LH) wave formation has taken precedence over the W (double bottom) pattern. If not, we would not have broken the 21913 support. Take a look at the 09.55 and 09.59 candlesticks, both are RED and with considerable depth. Once we breached the support, there was no attempt to retrace. One thing is missing though - momentum. The weak hands still hold the shorts, I am guessing it is the right time for the big boys to enter as the conditions are much more favorable right now. There is one problem though - BankNifty!
Nifty’s next major support comes at 21491, but before we go there we have some 2 months of data to be analyzed and processed. Reminding you once again that Nifty spent time from Dec 15th to Feb 15th between 21491 and 21913. So a flash crash could be ruled out per se. If that happens, then it is going to be some serious trouble for the current election structure. Always a greenish market is favorable for the current incumbent Govt. If the investors prices the chances of re-election being troublesome, then the market has only one direction to go.
63mts chart
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