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Circumstantial factors causing #NIFTY's resistance:

• Reverse retracement at 1.618

• NIFTY in USD terms reverse retracement at 1.382

• NIFTY in GSec at previous Highs

More from Piyush Chaudhry

Piyush Chaudhry
Piyush Chaudhry
@piyushchaudhry
NIFTY & US 10 Year Yield have a high degree of positive directional correlation. Anyhow, they are diverging at the moment though the divergence can go on for a long period of time as well, last time around this divergence did not work well for NIFTY & it got pulled down.


US10Y going down simply implies funds moving into Bonds and with EM's broadly down from Jan Highs this adds up as well.
That makes NIFTY an outlier, with the philosophical question being for how long can we persist?

This is one of the structural perspectives, however, it all rightfully boils down to the actual NIFTY's price action and that hasn't given any severe indication yet.
Though we must stay on guard.
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Piyush Chaudhry
Piyush Chaudhry
@piyushchaudhry
In such a case, H&S can be either a continuation pattern or compound fulcrum.
This is how to differentiate:
• if right shoulder is smaller than left, most likely a continuation H&S
• if right is same or higher than left, and the price is not coming to neckline, most likely CF
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Piyush Chaudhry
Piyush Chaudhry
@piyushchaudhry
EWI has given me the OK to share Mr Robert Prechter's April Elliott Wave Theorist, FREE. It gives his outlook for 3 Markets - Stocks, Commodities & Interest Rates. All 3 are following his projections. Visit this link https://t.co/fbNFWM5X5b & enter my special code: PIYUSH
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Piyush Chaudhry
@piyushchaudhry
$GOLD @ 1816 expected to bounce till 1925-1995 zone next.
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Piyush Chaudhry
@piyushchaudhry
Candlesticks are amazing.
One Doji signifies indecision.
Two Dojis are double the amount of indecisiveness.
However, Three Dojis are very very Decisive. #TriStar
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