This post on NSE Nifty is coming after about one year. Refer earlier post at NSE Nity - 6/02/18.
NSE Nifty could be forming the right shoulder of head and shoulders pattern in daily chart. However it is still a long way to go before confirmation. But the possibility calls for caution. What appears as the right shoulder in formation looks like a complex correction and this correction may continue for some more time.
NSE Nifty could be forming the right shoulder of head and shoulders pattern in daily chart. However it is still a long way to go before confirmation. But the possibility calls for caution. What appears as the right shoulder in formation looks like a complex correction and this correction may continue for some more time.
One of the possible corrective counts are shown on the hourly chart below. As per this chart after completing wave C down prices may move up again to complete wave (C) / (wave B in the above daily chart). Since complex corrections can take myriad of shapes, this is just one possible scenario.
