Above is the Nifty Daily chart. Nifty opened gap down and closed near to yesterdays close, indicating time for retracement.
Above is the hourly chart of Nifty Futures, on the higher side 4055 and 4127 may act as resistances, on the lower side 3800 levels may act as support.
Above is the Hourly chart of Nifty Futures, marked with modified ABCD pattern of yesterdays chart. Today Nifty opened gap down and formed a symmetric triangle due to indecision of trend. It gave break down with volumes and reached the target of the triangle as expected. But later on it moved up and closed the Gap which is not good for the bears as was very crucial. Closing the Gap calling the bulls in to the market.
Now CD retracement of AB is approximately equal to 100%, but BC extension is not falling into good Fibo ratio (1.78%).
This is not a perfect ABCD patten from this levels. As I mentioned yesterday, there are chances of forming good ABCD extension pattern if Nifty drifts down to 3800 levels in next couple of days. Any upmove from here may be termed as a retracement as of now.
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