Nifty 50 futures<\/h2>\n\n\n\nThe Weekly<\/em> Nifty 50 chart<\/h3>\n\n\n\n![\"Nifty](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Nifty-50-Micro-Double-Top-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n\n- General Discussion<\/strong>
- In addition to the market being near the high of the bear channel, some bears would short below bar 1 as the Low 1 sell signal bar.<\/li><\/ul>\n
\n- The market formed a weak bull bar with a long tail above, and the price is trading close to the high of the bear channel, making this a bad time for bulls to buy.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into the price action<\/strong>
- Bar 2 was a strong bear bar that closed near the low; as a result, many bears placed their stops at or above bar 2’s high. As you can see, bar 1 did not trade at or above bar 2, indicating that bears are still in short positions.<\/li><\/ul>
- The inside bar’s high was a High 2, and many bulls bought at or above this level. However, bar 1 is a poor follow-through bar that may entice some additional bears to sell below bar 1 and some bulls to exit below bar 1.<\/li><\/ul>\n
\n- Even if bears short below bar 1 they would be looking for a quick exit if the subsequent bar is not a bear bar closing near its low because the previous three bars form a strong bull leg in this bear channel.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Although the market formed a micro double top inside the bear channel, many bears would not be selling because the last bull leg was so strong.<\/li><\/ul>\n
\n- Bulls would buy for a measured move up if the market is able to give a bull breakout of the micro double top (i.e., micro double top failure) with a bull bar closing near its high.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
The Daily<\/em> Nifty 50 chart<\/h3>\n\n\n\n![\"Nifty](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Nifty-50-Wedge-Overshoot-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- General Discussion<\/strong>
- After breaking out of the bear channel and overshooting the wedge top, the market is now retracing back.<\/li><\/ul>
- The last two bear bars are smaller and weaker than breakout bars, so some bulls may buy above bar 1’s high.<\/li><\/ul>\n
\n- As the market broke out of the bear channel, the upper trend line of the channel would now act as a support, and bar 1 has a tail below, not many bears would sell below bar 1.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into price action<\/strong>
- The market recently formed a large surprise bar with tails above and below; there is a very high likelihood that the market will move sideways following this kind of pattern.<\/li><\/ul>
- Traders should buy low and sell high and scalp instead of taking swing positions.<\/li><\/ul>\n
\n- Chances of market turning into a trading are about 60% if market starts to trade below the low of bar 2.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Chances of successful bull breakout of a wedge top are only 25% and 75% of the times market reverses back within few bars.<\/li><\/ul>\n
\n- Instead of waiting for trends to develop, traders should start trading the market like a trading range (i.e., buy low, sell high) if the market forms strong bear bars in the upcoming week.<\/li>\n\n\n\n
- Leg 1 is a very strong bear leg late in the trend and a sell climax; when a sell climax occurs late in the trend and is followed by trading range price action, the likelihood of a trading range is high.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n\n
- \n
- General Discussion<\/strong>
- In addition to the market being near the high of the bear channel, some bears would short below bar 1 as the Low 1 sell signal bar.<\/li><\/ul>\n
- \n
- The market formed a weak bull bar with a long tail above, and the price is trading close to the high of the bear channel, making this a bad time for bulls to buy.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into the price action<\/strong>
- Bar 2 was a strong bear bar that closed near the low; as a result, many bears placed their stops at or above bar 2’s high. As you can see, bar 1 did not trade at or above bar 2, indicating that bears are still in short positions.<\/li><\/ul>
- The inside bar’s high was a High 2, and many bulls bought at or above this level. However, bar 1 is a poor follow-through bar that may entice some additional bears to sell below bar 1 and some bulls to exit below bar 1.<\/li><\/ul>\n
- \n
- Even if bears short below bar 1 they would be looking for a quick exit if the subsequent bar is not a bear bar closing near its low because the previous three bars form a strong bull leg in this bear channel.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Although the market formed a micro double top inside the bear channel, many bears would not be selling because the last bull leg was so strong.<\/li><\/ul>\n
- \n
- Bulls would buy for a measured move up if the market is able to give a bull breakout of the micro double top (i.e., micro double top failure) with a bull bar closing near its high.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
The Daily<\/em> Nifty 50 chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- General Discussion<\/strong>
- After breaking out of the bear channel and overshooting the wedge top, the market is now retracing back.<\/li><\/ul>
- The last two bear bars are smaller and weaker than breakout bars, so some bulls may buy above bar 1’s high.<\/li><\/ul>\n
- \n
- As the market broke out of the bear channel, the upper trend line of the channel would now act as a support, and bar 1 has a tail below, not many bears would sell below bar 1.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into price action<\/strong>
- The market recently formed a large surprise bar with tails above and below; there is a very high likelihood that the market will move sideways following this kind of pattern.<\/li><\/ul>
- Traders should buy low and sell high and scalp instead of taking swing positions.<\/li><\/ul>\n
- \n
- Chances of market turning into a trading are about 60% if market starts to trade below the low of bar 2.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Chances of successful bull breakout of a wedge top are only 25% and 75% of the times market reverses back within few bars.<\/li><\/ul>\n
- \n
- Instead of waiting for trends to develop, traders should start trading the market like a trading range (i.e., buy low, sell high) if the market forms strong bear bars in the upcoming week.<\/li>\n\n\n\n
- Leg 1 is a very strong bear leg late in the trend and a sell climax; when a sell climax occurs late in the trend and is followed by trading range price action, the likelihood of a trading range is high.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- Chances of successful bull breakout of a wedge top are only 25% and 75% of the times market reverses back within few bars.<\/li><\/ul>\n
- Traders should buy low and sell high and scalp instead of taking swing positions.<\/li><\/ul>\n
- The market recently formed a large surprise bar with tails above and below; there is a very high likelihood that the market will move sideways following this kind of pattern.<\/li><\/ul>
- The last two bear bars are smaller and weaker than breakout bars, so some bulls may buy above bar 1’s high.<\/li><\/ul>\n
- After breaking out of the bear channel and overshooting the wedge top, the market is now retracing back.<\/li><\/ul>
- General Discussion<\/strong>
- Bulls would buy for a measured move up if the market is able to give a bull breakout of the micro double top (i.e., micro double top failure) with a bull bar closing near its high.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
- Although the market formed a micro double top inside the bear channel, many bears would not be selling because the last bull leg was so strong.<\/li><\/ul>\n
- The inside bar’s high was a High 2, and many bulls bought at or above this level. However, bar 1 is a poor follow-through bar that may entice some additional bears to sell below bar 1 and some bulls to exit below bar 1.<\/li><\/ul>\n
- Bar 2 was a strong bear bar that closed near the low; as a result, many bears placed their stops at or above bar 2’s high. As you can see, bar 1 did not trade at or above bar 2, indicating that bears are still in short positions.<\/li><\/ul>
- In addition to the market being near the high of the bear channel, some bears would short below bar 1 as the Low 1 sell signal bar.<\/li><\/ul>\n