In our Last post , we have talked about nifty is close to three drives Pattern targets coming at 7233-7221 levels and markets may reverse from the those levels.
Since we have the pattern way before showing where the market could take support and we know the low point is near and at the same time markets are oversold ,alerting existing shorts.
Then the market decides to respect the structure and took support near prz levels and started rallying up.
At Now ,Hourly Nifty had two patterns setting up
The first one in red is a shark pattern and another one in green is AB=CD.
Nifty already tapped the .886 retracement of shark pattern which was coming at 7563.80, at now nifty continued to press higher so the idea is that it probably going to hit another Imp numbers that are coming at 7602.6 {1.618 of BC leg} and 7652{ 1.13of xa} levels.
Another pattern setting up is a clear nice AB= CD pattern, wherein the nifty rallied from 7241.60 lows then resisted at 7487 levels, forming AB leg, took support near 7420-7400 levels forming BC leg and at now nifty broke the structure to the upside opening room, for CD leg, if does, it gets complete somewhere around 7655.
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