Nifty weekly failing to show any weakness is approaching the Oversold area of trendline. Global turmoil failed to kick in a correction in Nifty. Dip below previous low saw strong buying making it close at highs.
Weekly butterfly harmonic is having a high probable CZ at 12014-11992 if it manages to clear this 12398-12343 can be the next hurdle zone. Cmp @ 11470
Senarios possible here near weekly Trendline
1. Clearing Trendline with impulse, if the unfolding weak is impulse w3 in weekly subwave we can see a impulse throw off out of channel to 11654/12014 as we have already cleared w1=w3 condition at 11390
2. Pause in trend with trendline rejection, if trendline provides resistance any dip below 11340 can be shorted for a target 11181. It can be short correction, but all eyes are set for new ATH in nifty in coming days in weekly trend.
Weekly butterfly harmonic is having a high probable CZ at 12014-11992 if it manages to clear this 12398-12343 can be the next hurdle zone. Cmp @ 11470
Senarios possible here near weekly Trendline
1. Clearing Trendline with impulse, if the unfolding weak is impulse w3 in weekly subwave we can see a impulse throw off out of channel to 11654/12014 as we have already cleared w1=w3 condition at 11390
2. Pause in trend with trendline rejection, if trendline provides resistance any dip below 11340 can be shorted for a target 11181. It can be short correction, but all eyes are set for new ATH in nifty in coming days in weekly trend.