Friday, September 14, 2012

NIFTY next destination 5950??



Reverse Head and Shoulder Pattern
Hi friends, hope you remember I posted Nifty view with the help of MACD oscillator on 11/09/2012 that, this time5433 won't able to stopped it, though ECB and FED helped NIFTY like a positive catalyst  to crossed the level. And now as per my view 5613-5740 is another SZ as per weekly chart, but I think this time even 5740 cant stopped NIFTY as it is going to be third test of the zone (See the picture). Weekly MACD looking steady and strong, HH-HL formation in Daily chart till holding, Nifty going to be boom as per my view the next destination is 5950. Please dont Shocked ....It is forming a Reverse Head and Shoulder pattern, I have taken it from 31 Dec 2010 , top of 6181, but if we try to more purify the same pattern and assume the left shoulder is started from 8 Apr 2011's top 5944 yet the pattern must complete above 5944... thats why I suppose Nifty wont stop bellow 5950...Be cautious of your short position.

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