So I will receive brickbats for this but what the hell, let's be pragmatic.
On a long term trend we are aiming to break the parallel channel which so far was intact in a hyper bullish narrative.
Note the bearish divergence!
Bull trap likely in place, will hit key resistance 1 at ~16100 and most likely we trace from there.
NOTE: this is a cyclic correction and the 5-10year trend is overall bullish for sure .
NIFTY
On a long term trend we are aiming to break the parallel channel which so far was intact in a hyper bullish narrative.
Note the bearish divergence!
Bull trap likely in place, will hit key resistance 1 at ~16100 and most likely we trace from there.
NOTE: this is a cyclic correction and the 5-10year trend is overall bullish for sure .
NIFTYTrade active
the indicators are telling bulls are tired #nifty 1) ADX
2) Directional Movement Index
s3.tradingview.com/snapshots/h/hyrCCsEF.png
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.