Short term and Long term Probable Nifty Pattern

Short Terms Chart Pattern:

Nifty might be forming head and shoulder pattern on hourly chart with neckline at 5800 .. Target for this pattern is 5500 which happens to be also 61.8% retrace of last rise for 5120 to 6140. But large time fram charts are suggesting some different story .. 

On the large time frame chart there is very very bullish chart pattern formation taking place.. 

The above pattern is inverted head and shoulder pattern and it is a very bullish pattern ... As per this pattern in long term nifty can target for 7200 above 6130. To avoid false breakout please add buffer of 3% above 6130 

Coincidentally 5500 (target for short term bearish setup) is also base for left shoulder. The above bullish pattern will fail is nifty falls below 5300. Below 5300 doors for 4500 is wide open.. 

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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.