November 10, 2018

H&S formation on NIFTY charts

- these are just patterns forming in my mind.... market cares a damn about what I see or think.
- to make money, it is not necessary to know these patterns
- in fact, it is not necessary to know anything (eg. politicians)

Here is how the weekly charts look like:
- bearish H&S being formed
- neckline at 10000
- right shoulder being formed
- max height 11150
- break of 10000 to result in more downsides
- target is immaterial

Daily charts show inverted H&S:
- this has bullish implications but
- first the head part should get completed
- then the right shoulder should start formed
- this should lead to a correction to say 10200 levels
- followed by a breakout above the H&S neckline (not drawn on chart)

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