Nifty 50: The M of doom

The pattern that is happening on the 4 hours chart looks like an M pattern as of now. These usually have a tendency to break down if the pattern completes its waves by touching 15440 again. This area is a very strong support but if the price action completes this pattern then touches this area, then a huge down move can be expected.

For now, we have the support of 50 EMA coming up along with the 15611 area which will be crucial. If the price gets support in both of these in combination, a strong up move to 160000 can be seen.


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