Nifty's Hanging man near Golden ratio

• Bears finally got a negative candle and it has come at the resistance line.
• Every candlestick pattern needs confirmation so price has to open trade and closer lower for this one to be effective. Price action above the hanging man candle will make the pattern weak.
• Two other things that should worry the bears is the strength of the indicators. Although they are showing overbought readings that is also showing the strength of the bulls. So an indicator like Stochastic should dip below 80% level for a correction to happen.
• Then price continues to close above the Golden ratio. Which increases the chances of an up move.
• DOW JONES NEGATIVE DIVERGENCE