Three weeks back, we have seen a bearish engulfing pattern and the confirmation to it, as marked in Box E. The subsequent three weeks saw very turbulent market, whipsawing all around, as marked by alternate black and white candles. This turbulent pattern looks to be a mid-way continuation pattern.
Hence, unless by next Friday, NIFTY closes, above 6150, we might see it heading towards the support marked as “S”. That is; approximately 5400. The concern is whether NIFTY will Closes below 5400 or not. Time has to prove it, even though, at the moment, it looks like so.
