Rounding Bottom in Nifty hourly chart
The index continued its relentless run on the upside and in the process completely negated the Triangular Hypothesis. In the appended chart we have shown the classical Rounding Bottom which the prices have completed with yesterday’s push and the width of the pattern is 1077 points. At the same time 9600-9700 is an open chart gap left in last month on both downward journey as well in this up-run and thereby the area is a classical Island Reversal Zone, meaning any future dips around 9650-9625 will be a great opportunity to create long positions.
The measuring implications of Rounding Bottom suggests an upside target of 10950-11000 and that is something which our readers should keep in mind. On Elliot wave front current move is at last showing some Impulsive behaviour and the same is heartening to know.
The measuring implications of Rounding Bottom suggests an upside target of 10950-11000 and that is something which our readers should keep in mind. On Elliot wave front current move is at last showing some Impulsive behaviour and the same is heartening to know.
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