Are we heading for huge fall ? - Update 1

Traditional technical analysis view:

As discussed in my last post Nifty finished 5^th wave at 5954. Coming back to Head and shoulder pattern resistance come around 5970-5990 zone which is also home to 50% retracement of entire fall from 6112 – 5854.  Trend line resistance comes around 5970.  Reversal from this zone will confirm symmetric head and shoulder pattern. 

Elliot Wave View: 

Probable target of wave C is 5954. If we are having extended wave C then it can reach up 5975(1.618 %) to 5981(1.70%) which is also in line with symmetric HNS pattern view.  

 I will post my updated view when I see this setup is going to fail.. SL for long should be 5910.

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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.