This is nifty 50 1hr chart analysis to find target for Jul 2022 months and so, starting from 10-16jun formed shoulder then 16-21 formed head n 21-23another shoulder , so our first target was one shoulder height from breakout point, which shown in green arrow, if we look last 1 hrs candle of 23jun there is no upper wick that showed market could go up, next day market broke out its neckline n gave gapup opening, in next 2 hrs we saw a profit booking as market was in downtrend, but it did not brake its low , instead broke day high n sustained, n next day on 27th it gave our 1st target of shoulder, now as per head target is 16170(green arrow), before that if we see 27-29 Jun 1 hrs chart making lower high n lower low pattern however did not brake its ascending trendline in thick red which is giving support from 2ojun. If we connect 27-29jun candles high it would form a symmetrical triangle whose breakout target would be around 16000 level, now we can also see an ascending triangle support from 20-29jun and resistance at 15900, which gives us target of 16475(blue arrow). Such chart patterns indicates bottom is being created n market is ready to move up.
Trade stängt: målet nått:
1st target achieved today. 😀