SHORT NIFTY CMP :4447 TGT 3850 IN 8 - 10 TRADING SESSIONS SL 4585 ON CLOSING BASIS.AS SHOWN IN THE NIFTY CHART TAKEN INTO THE CONSIDERATION THE PERIOD FROM 17/07/08 TILL DATE IT MAY BE FORMING A HEAD AND SHOULDER PATTERN.
AS POINTS A,B& C FORMING THE LEFT SHOULDER THE POINT D THE HEAD AND E,F AND IF THE PATTEN IS TO BE COMPLETED A POSSIBLE G POINT HAS TO BE FORMED AT THE LEVELS NEAR TO 3850 ODD LEVELS.
THE RSI INDICATORS ARE ALSO FORMING THE SIMILAR PATTERNS .
THE LEVELS TO WATCH ARE
POINT A:3823 RSI:38.98
POINT B:4540 RSI:54.50
POINT C:4191 RSI:46.70
POINT D:4650 RSI:58
POINT E:4202 RSI:44.22
POINT F:4522 RSI:54.70
POINT G:3850 ?
RSI G: 35-39 ?
ONLY TIME WILL TELL.
IT TOOK ABOUT 8 TO 10 TRADING SESSIONS FOR NIFTY TO REACH FROM POINT A TO POINT B NOW VICE VERSA THE CHARTS WILL IT SIMILARLY TAKE THAT MUCH TIME FROM POINT F TO G ?
(THIS VIEW WILL BE NEGLIGEBLE ON THE CLOSING ABOVE 4585)
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