NIFTY - Local market reversal likely after a retrace
Premise:
1. The right shoulder of a possible inverse head and shoulders will form as described
2. A bullish divergence will appear on the Daily SRSI along with a retrace to the OTE
3. The market sentiment will lean slightly bearish
Execution:
1. Single point entry at 10245
2. Stop Loss at 10029
3. Target is 11220
Result:
1. A 5:1 RR trade is executed
1. The right shoulder of a possible inverse head and shoulders will form as described
2. A bullish divergence will appear on the Daily SRSI along with a retrace to the OTE
3. The market sentiment will lean slightly bearish
Execution:
1. Single point entry at 10245
2. Stop Loss at 10029
3. Target is 11220
Result:
1. A 5:1 RR trade is executed
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