Nifty 50 futures<\/h2>\n\n\n\nThe Monthly<\/em> Nifty 50 chart<\/h3>\n\n\n\n![\"Nifty](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Nifty-50-Wedge-Top-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n\n- General Discussion<\/strong>
- More bears would be drawn in as the market approached the peak of the wedge top formation and the all-time high level, both of which serve as price resistance.<\/li><\/ul>
- The market is close to the wedge top, thus bulls should refrain from purchasing at this price.<\/li><\/ul>
- Bulls who are in long position should not exit their positions until market reaches the all-time high or forms a strong bear bar.<\/li><\/ul>\n
\n- Bears should hold off on selling until the price has reached the closest resistance and the market has formed a strong bear bar.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into the price action<\/strong>
- Observe the last 20 bars on the monthly chart. You’ll see that the majority of them overlap and have small bodies and tails on either side.<\/li><\/ul>
- Because these characteristics of trading range price behaviour are present, a trading range is likely to arise.<\/li><\/ul>\n
\n- A trading range would result if bulls are unable to successfully break out of the 19000 level.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- A wedge can be thought of as a channel, thus a trading range would be the next potential phase according to the market cycle theory.<\/li><\/ul>\n
\n- Since 19000 is a big, round number and would act as a magnet, this could result in a sharp bull leg in that direction in shorter time frames.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
The Weekly<\/em> Nifty 50 chart<\/h3>\n\n\n\n![\"Nifty](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Nifty-50-Measuring-Gap-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- General Discussion<\/strong>
- Market is trading inside a tight bull channel and thus bears should wait for a strong bear close before they sell.<\/li><\/ul>
- Bulls should refrain from taking a swing position at this level as the market is getting close to an all-time high.<\/li><\/ul>\n
\n- Because there is a pending measured move target, bulls who are long should only exit\u00a0their position when the market develops strong bear bars, or close to the measured move target.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into price action<\/strong>
- In the last 10 to 15 bars, bulls were able to give strong successive bull closes while bears were unable to create a strong bear bar.<\/li><\/ul>
- Bulls gave a strong breakout of the bar-1 high, leading to an open breakout gap, despite the fact that Bar-1 was a solid bear bar.<\/li><\/ul>
- Bears attempted to close the breakout gap on bar-3 but were unable.<\/li><\/ul>\n
\n- Bears made another attempt to close the breakout gap on bar-4 but were unsuccessful. The strong bull bar that followed suggested a potential measuring gap.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Because the market is now trading within a narrow bull channel, bulls shouldn’t take a swing position and bears shouldn’t sell until the market produces a significant bear bar.<\/li><\/ul>
- The market created a measuring gap, which gave the bulls who are already long a potential target to target a measured move.<\/li><\/ul>\n
<\/a><\/figure>\n\n\n\n\n
- \n
- General Discussion<\/strong>
- More bears would be drawn in as the market approached the peak of the wedge top formation and the all-time high level, both of which serve as price resistance.<\/li><\/ul>
- The market is close to the wedge top, thus bulls should refrain from purchasing at this price.<\/li><\/ul>
- Bulls who are in long position should not exit their positions until market reaches the all-time high or forms a strong bear bar.<\/li><\/ul>\n
- \n
- Bears should hold off on selling until the price has reached the closest resistance and the market has formed a strong bear bar.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into the price action<\/strong>
- Observe the last 20 bars on the monthly chart. You’ll see that the majority of them overlap and have small bodies and tails on either side.<\/li><\/ul>
- Because these characteristics of trading range price behaviour are present, a trading range is likely to arise.<\/li><\/ul>\n
- \n
- A trading range would result if bulls are unable to successfully break out of the 19000 level.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- A wedge can be thought of as a channel, thus a trading range would be the next potential phase according to the market cycle theory.<\/li><\/ul>\n
- \n
- Since 19000 is a big, round number and would act as a magnet, this could result in a sharp bull leg in that direction in shorter time frames.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
The Weekly<\/em> Nifty 50 chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- General Discussion<\/strong>
- Market is trading inside a tight bull channel and thus bears should wait for a strong bear close before they sell.<\/li><\/ul>
- Bulls should refrain from taking a swing position at this level as the market is getting close to an all-time high.<\/li><\/ul>\n
- \n
- Because there is a pending measured move target, bulls who are long should only exit\u00a0their position when the market develops strong bear bars, or close to the measured move target.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into price action<\/strong>
- In the last 10 to 15 bars, bulls were able to give strong successive bull closes while bears were unable to create a strong bear bar.<\/li><\/ul>
- Bulls gave a strong breakout of the bar-1 high, leading to an open breakout gap, despite the fact that Bar-1 was a solid bear bar.<\/li><\/ul>
- Bears attempted to close the breakout gap on bar-3 but were unable.<\/li><\/ul>\n
- \n
- Bears made another attempt to close the breakout gap on bar-4 but were unsuccessful. The strong bull bar that followed suggested a potential measuring gap.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Because the market is now trading within a narrow bull channel, bulls shouldn’t take a swing position and bears shouldn’t sell until the market produces a significant bear bar.<\/li><\/ul>
- The market created a measuring gap, which gave the bulls who are already long a potential target to target a measured move.<\/li><\/ul>\n
- Because the market is now trading within a narrow bull channel, bulls shouldn’t take a swing position and bears shouldn’t sell until the market produces a significant bear bar.<\/li><\/ul>
- Bears attempted to close the breakout gap on bar-3 but were unable.<\/li><\/ul>\n
- Bulls gave a strong breakout of the bar-1 high, leading to an open breakout gap, despite the fact that Bar-1 was a solid bear bar.<\/li><\/ul>
- In the last 10 to 15 bars, bulls were able to give strong successive bull closes while bears were unable to create a strong bear bar.<\/li><\/ul>
- Bulls should refrain from taking a swing position at this level as the market is getting close to an all-time high.<\/li><\/ul>\n
- Market is trading inside a tight bull channel and thus bears should wait for a strong bear close before they sell.<\/li><\/ul>
- General Discussion<\/strong>
- Since 19000 is a big, round number and would act as a magnet, this could result in a sharp bull leg in that direction in shorter time frames.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
- A wedge can be thought of as a channel, thus a trading range would be the next potential phase according to the market cycle theory.<\/li><\/ul>\n
- Because these characteristics of trading range price behaviour are present, a trading range is likely to arise.<\/li><\/ul>\n
- Observe the last 20 bars on the monthly chart. You’ll see that the majority of them overlap and have small bodies and tails on either side.<\/li><\/ul>
- Bulls who are in long position should not exit their positions until market reaches the all-time high or forms a strong bear bar.<\/li><\/ul>\n
- The market is close to the wedge top, thus bulls should refrain from purchasing at this price.<\/li><\/ul>
- More bears would be drawn in as the market approached the peak of the wedge top formation and the all-time high level, both of which serve as price resistance.<\/li><\/ul>