LET THE MARKET TELL WHO WE ARE

Nifty future has fallen below its 200 days SMA recently and now hovering near the same. Today nifty futures has settled at 8238.70 on NSE forming a bullish pin bar. Follow up selling is not coming even though prices have fallen below 200 days SMA. 50 days SMA is still staying above 200 days SMA and keeping longer term bullish trend intact. On daily chart a Wolfe Wave pattern is clearly visible which has completed at point (5). Completion of WW brings trend reversal. Stochastic is fluctuating near 50 and forming lower top along with prices hints sideways activities. On hourly chart a bullish Wolfe wave and inverse head and shoulder patterns can be seen clearly. Market has witnessed a nice recovery from point (5) of bullish WW which is also forming head of inverse head and shoulder reversal pattern. Now we need a neckline breakout on hourly chart to validate this inverse head and shoulder pattern. On hourly chart stochastic is staying above 50 line and also loaded with positive momentu...