NIFTY trading precariously - Down move head?

21 Eki 2024

NIFTY daily chart is looking bearish with multiple confluences signaling down move.

1. Trend line break
   
2. Head and Shoulders
   
3. 5 waves down
   

If we get a negative close below H&S neckline then it would be second close below neckline and might trigger downfall. On the positive side, ideally we should see a deeper retracement of the 5 waves down-move before the down slide starts. At the minimum 38.2% which would also coincide with downward sloping 20 day moving average, currently around 25300.

Would this happen or not, only time will tell.