Will Nifty fall off a cliff?
The Nifty index is at a crossroads - the latest monthly candle that is forming looks really weak (so far).
It is at the precipice of a 10+-year-old ascending trendline, and at a key level (9000).
If the trendline and the 9k level breaks impulsively upon monthly close, then we're talking 6k next.
But as it is such an important level, expecting at least some sideways movement before it breaks.
In any case - the monthly close (which also happens to be the quarterly close) will be telling.
It is at the precipice of a 10+-year-old ascending trendline, and at a key level (9000).
If the trendline and the 9k level breaks impulsively upon monthly close, then we're talking 6k next.
But as it is such an important level, expecting at least some sideways movement before it breaks.
In any case - the monthly close (which also happens to be the quarterly close) will be telling.
Simplifying trading is the way to go.
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Clarity on the chart -> clarity in thinking.
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