From the Low of 16400 to 18200, We’ve seen Nifty 50 running over 10% in the past few weeks and that too non stop.
But now, As it is trading just 2% away from it’s previous All Time High, Can we expect some correction??
As we can see in this chart that how Nifty bottomed out at Bullish Harmonic Bat at 16400 and we saw a steep rise towards 18200 which is a potential reversal zone of Bearish Harmonic Cypher, Shark from where We might see an hourly pullback towards 20EMA or 50EMA.
Though these pattern targets are much deeper: 17600, 17500
But in this momentum where nifty is only 2% percent away from it’s ATH we might not even see a pullback towards the Hourly (20,50EMA)