We already had a breakout (BO) of the Inverse Head and Shoulder pattern as traded ystrday. But a Head and shoulder pattern is clearly developing on the Nifty as seen from the dialy charts. So today the opening was supposed to decide the direction.
Images:
Nifty Futures Dialy @ 11 AM
Nifty Futures Dialy @ 1 PM
Nifty Futures Dialy @ Day End
Nifty Futures Intraday 20 mins
Nifty Futures Intraday 05 mins
So when the market opened gapdown, its time to go short. As a rule you can go short in gapdown at the close of the first candle with SL as the candle high OR some other important resistance level nearby.
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