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Nifty

Expect index to retain its ongoing oscillation within the ‘Broadening Formation’ with expanding boundsplacedat18640 to 17980 as of date.With its daily ADX again improving with RSI retaining its bullish track. ExpandingTriangles or Broadening formations belong to the category of complex wave corrections. Usually, theyoccurduring very large complex corrective phases of time or price. Hence its ideal to remain cautious onexitingpositions until a decisive move is not established outside the bounds of the pattern. Currently its trendstrengthindicators have again synced together as the rebound of its ADX indicator from its 25 zone complimentstheongoing move of its RSI which remains positive. Hence its ideal to retain positional longs until a breakdownisevident while momentum positions should be structured temporarily in sync with market sentiments onday-to-day basis. As indicated by the pattern its ideal to exit positions once a breakdown below17980 is established.Until then long short combo should be maintained throughout the December series.

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