When any stock or index is moving in a channel, Harmonic pattern can be very useful in predicting possible breakouts. If Nifty holds 8500 and starts moving upside then possibly we can have a D leg of a Bearish harmonic pattern in the making. You can pick multiple X from the channel resistance. There are other patterns too in the current Nifty chart.
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This channel is full of structures. It all depends whether Nifty can hold 8500 tomorrow and show some reversal sign.
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Nifty failed to hold 8500 and structures also failed. Nifty saved by the bell or previous support line will be watchful.
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InsiderB
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Nice one..lets wait n see whether c to d move happens, All the Best !