So the baby got abandoned resulting in formation of Morning Star
.png)
Now the funniest thing about the market is that counter arguments are always available --- while there are some who believe that this is not a Morning Star at all, there are others who believe that though IT IS a Morning Star but RBI policy can very well overpower it --- etc etc.And to take a trade position prior to such an event is akin to betting 'blind'
In my yesterday's post, I had illustrated following Harmonic pattern with its maximum downside limit is pegged at 5621:
.png)
And upside can be calculated from the chart below,depending upon the degree of Harmonic that may be in play ( clarity about this would emerge later).
.png)
RBI policy days have always seen Nifty making big moves on either side---- my personal view is that in view of very weak rupee, RBI's easing is not expected and that has more or less been factored into price. Any monetary easing would be a pleasant surprise which may give a big upmove to Nifty.
And altough I am inclined to treating the candle pattern as Morning Star --- I would not suggest any trade. Lets see which side the wind blows---
.png)
Now the funniest thing about the market is that counter arguments are always available --- while there are some who believe that this is not a Morning Star at all, there are others who believe that though IT IS a Morning Star but RBI policy can very well overpower it --- etc etc.And to take a trade position prior to such an event is akin to betting 'blind'
In my yesterday's post, I had illustrated following Harmonic pattern with its maximum downside limit is pegged at 5621:
.png)
And upside can be calculated from the chart below,depending upon the degree of Harmonic that may be in play ( clarity about this would emerge later).
.png)
RBI policy days have always seen Nifty making big moves on either side---- my personal view is that in view of very weak rupee, RBI's easing is not expected and that has more or less been factored into price. Any monetary easing would be a pleasant surprise which may give a big upmove to Nifty.
And altough I am inclined to treating the candle pattern as Morning Star --- I would not suggest any trade. Lets see which side the wind blows---
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