Decisive Adam and Eve…



I was expecting the fall to start last week and it did not. Market maintained the upward momentum last week too. We will see if the bearish tendency is still hanging over us.



We will see the 30 Min chart first. We can see that NIFTY is rounding off. In addition, An Adam and Eve Double Top (AEDT) possibility, as marked by T1 and T2 is seen when we finished the week.


The confirmation point, for the AEDT is the 4918 point shown. A close below this point might trigger the fall which will have a potential to take NIFTY to 4361 might result.. Remember, the Double Tops are high ranking Chart pattern and it rarely fails.



On the other hand, If NIFTY close above 5030, then another rally, which will have a potential to take NIFTY to 5350 will result.



In the second chart (HDS Chart), we can see that NIFTY is seen to be forming a congestion region, as shown circled. This is the point from where the breakdown had happened in the prior sell off. Hence this point is extremely important. No wonder that at this point a Double top is being formed.


Since the chart patterns, still waiting for confirmation, It will not be apt to forecast a definite movement.