UPDATED CHART
Triangle has broken on the down side. If this is not a false break down the index can come down at least till 10450.
15 minutes chart of Dow Jones is forming a triangle pattern.
Since the index is trading at previous high a pause or a negative move is possible before making new high's.
UPDATED CHART
THE CUP AND HANDLE PATTERN IS BECOMING WEAKER.
THE HANDLE SHOULD NOT COME DOWN SO FAR.
Nifty hour is forming a beautiful cup and handle pattern.
The handle is yet to give a break out on the upside
One can expect a 100 point move if everything goes according to the rules of cup and handle pattern.
And one more thing is that we have a raising wedge in daily char which is a bearish pattern. So one should consider the bigger picture before taking a trade based on the above chart.
NIFTY DAILY CHART ANALYSIS
RELIANCE DAILY CHART
RELIANCE WEEKLY CHART
Reliance has broken down from its ascending triangle in daily chart.
But the fall may not go below 1000. Because of the ascending trend line that has been supporting the stock for several months now.
A Break below 1000 could be very negative for the bulls as it means breaking down from the weekly triangle as well.
I have given the range of 964 and 1150. The violation of these numbers can only bring an end to this multi month range bound action.
RAISING WEDGE OF NIFTY
Nifty's raising wedge is shown with upper break out points.
According to this today the price should either break out on upside or break the raising wedge's lower boundary to give a short trade.
Price again closed between 5 day high and low ema.
