Bullish Head and Shoulder Pattern

10 May 2021

Nifty Media has created the bullish head an shoulder pattern on daily chart .
And it has formed in the major down trend and also took a strong support on support line.
It is a clear indication of reversal of trend but should watch for coming days
Bullish Trend will be confirmed after it breaks the 1636-1646 levels i.e. 0.61 fibo level.

This is my own analysis and should take for study or information only.

19 May 2021

Not

Breaked the 0.61 fibo level with 2% move in one day.
Consolidated for few days.
Bull rally begins....

25 May 2021

Not

Moved around 5% from the day when it closed above 0.61 fibo level.
Yes the bull rally has started.
Let's see till where it continues the trend.

26 May 2021

Not

It have moved more than 11.8% after breakout of the neckline..

The depth of head is 11.8% from the neckline...

That means Target achieved of head and shoulder pattern.

27 May 2021

Not

Today tested that last year's bullish support trend line

10 Haz 2021

Not

Today 1 month back on this day shared my analysis.
Today Nifty Media is +4.64% up.
And +21% up from the bullish Head and Shoulder breakout.

Now moving towards 1.618 fibo level.