Nifty- EOD Chart(24-06-2011):-
4 Months old big Head & Shoulders Pattern and sustaining below its neckline means bear phase confirmaton and commencement of deeper correction. Its main features are as follows:-
1- 4 months Head & Shoulders Pattern gave strong bearish indications when its neckline was broken down after 141 Nifty points sharp fall on 20-06-2011
2- Nifty moved above its neckline sharply on 24-06-2011 therefore Indian markets are at present saved from its anger.
Conclusions
HNS is still in existence.it will be valid below its neckine and will be cancelled above its Right Shoulder(5605). Sustaining beyond both lines will be next moves confirmations and should be watched for next moves confirmations.
 |
| Just click on chart for its enlarged view |
1- 4 months Head & Shoulders Pattern gave strong bearish indications when its neckline was broken down after 141 Nifty points sharp fall on 20-06-2011
2- Nifty moved above its neckline sharply on 24-06-2011 therefore Indian markets are at present saved from its anger.
Conclusions
HNS is still in existence.it will be valid below its neckine and will be cancelled above its Right Shoulder(5605). Sustaining beyond both lines will be next moves confirmations and should be watched for next moves confirmations.