We have witnessed several Head & Shoulder formations throughout mid 2015 until date, therefore the probability of the current head and shoulder formation is over 90%, which clearly suggests that the current formation of the right shoulder should continue in an ascending manner within a range of 3.82% which is 285 points. Therefore, 7985 - 285 Pts = 7700. (7700 to 7985) is the current range for the Nifty index. This will gradually narrow down to (7800 to 7985) And (7920 to 7985) before a breakout towards the downside for -6% towards 7500 handle for the completion of the Head & Shoulder Pattern.
Technical Analyst :- Jay Khanna JayKhanna@Live.com
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