As nifty broken the prior resistance (x), confirms higher degree Yb in play....
And this up move is not yet ended why because sell signal on 15 mins chart with negative divergence is yet to occur (preferred 10 mins chart)... Violet channel already breached but if Yb in play yellow channel will not be taken out.
So tentative labels are shown in 60 mins chart assuming yellow channel will not be taken out....
If yellow channel taken out, then Nifty doing higher degree retracement which likely go upto resistance 5971+....
And this up move is not yet ended why because sell signal on 15 mins chart with negative divergence is yet to occur (preferred 10 mins chart)... Violet channel already breached but if Yb in play yellow channel will not be taken out.
So tentative labels are shown in 60 mins chart assuming yellow channel will not be taken out....
If yellow channel taken out, then Nifty doing higher degree retracement which likely go upto resistance 5971+....
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