In my “Market Next Week”, and before, I had mentioned about this chart pattern breakdown and it is now continuing.
I had mentioned about a minor support at 5172 and that too happened, even though NIFTY extended to 5160 due to the initial panic.
What now, is left out is a close below 5172 and then move to 4970-60 region. It is to be seen at what “velocity” it hits this band. That will decide the next level. What I expect is that, NIFTY may not pierce 4970-60 immediately, but make another chart pattern between 5172 and 4970-60. We have to see how the price action goes in the coming days.
Tweets @masterstrokes
