Seems like nifty will be in green on Monday as it took 61.8 % retracement

Guys what are your thoughts on nifty. (According to me trend will be changed from monday onwards slowly slowly)

A bullish pin bar and 61,8 % retracement happened in nifty.

Also i saw an interesting support trend line and i am confident in my Technical analysis. (But i can be wrong let’s wait for monday)

Right now things are out of control. I stopped following fibonacci, candlesticks everything. Go day to day, close trading position intraday. Next day Dow closes 1000 pt up or down who knows.

Everytime we expect bounce but market falls more. Even tomorrow a new European country becomes the new Italy of Coronavirus, you will again see more fall.

Also, Nifty created a lovely hammer candle few days ago, and then crashed more after that. That is why I am ignoring technicals for few weeks now.

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I have added one more screenshot with support trend line maybe your mind will get changed.

When market is filled with fear or over excitement it rarely respects technicals. As @Newbie420 said, let’s take it day by day in uncertain times like this.

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Do not apply Technical Analysis like this when there is huge gap up / gap down. This is why they say “Do not try to catch a falling knife”.

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If u are long and if u are lucky in morning, just book profit immediately.

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Nifty has entered a phase where it consolidated and moved in the past . FIIs increased their shorts on Index Futures , I expect very high volatility on next trading day , Monday , For me ,by considering the probabilities of Nifty breaking down further down is 75%.

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I found a channel on monthly i don’t think economy is too much down. If it breaks then i will be looking forward for 10000.

If you are using TA for analysis , Fundas are not much useful , i believe markets are always ahead of Economic curve. and also i am considering this trend lines of , bull market from year 2003 and its end of at year 2008

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technicals mostly don’t work in such crisis so better not to get bullish at this stage. we are set for 10500 in my view…

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Heck … Moving below 10000 is almost guaranteed from here…

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close to my prediction :grinning:

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As I told hahaha, it pays to know when to follow technicals when not.

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Technicals are working for me :slightly_smiling_face::grinning:

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10250

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:+1:

Different people talk with different perspectives…

Hard to follow anyone…

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You are right , its mainly the fear and we are in a Bear Market , but actually nobody wants to acknowledge it. And many people applying technical’s on very shorter time frames which fails but it works well on longer time-frames.

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whether short or long…when there are big events / crisis no charts work…you keep waiting for a bottom which no charts can tell you

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@TIMEFRAME whats your next view according to today’s market condition ?

It feels like a failed miserably :disappointed_relieved: