Nifty is in a downtrend for the last 3 weeks since 28th Aug’18. It reacted lower from its high of 11760, which suggested strong resistance exactly at upper end of the White Channel. Down 7.6% from the top, it has now broken the White Rising Channel enclosing its 23-week long rally.
The Short-Term Moving Average (STMA) is still above the Long-Term Moving Average (LTMA).
However, if STMA settles below LTMS, then current correction can stretch to 8 weeks, till latter half of Oct’18, like the last correction we saw during Jan’18 to Mar’18.
_____________________________________________________________
Disclaimer : While all due care has been taken in preparing the above Strategies, no responsibility can be or is assumed for any adverse consequence resulting out of acting on them.
_________________________________________________________________________
