nifty - 50 - Trt 15544 after a bounce to 16900 - 17000

After forming Head and shoulder pattern trgt # 1 16600, nifty is 1) trading below 50 DMA and forming lower highs and lower bottoms 2) It has breached 61% Fibonacci levels on closing basis on daily chart 3) Next strong support is at 15544. Nifty had opened gap down, broken the projected level of 16600 (lowest at 16485) and has formed a exhausting candle. On 15 min chart Nifty has returned back to test the 16600 level. It is likely to move upwards to close the gap upto 16900 - 17000 and again resume its fall to reach the trgt # 2 of 15544.

This analysis is for academic purpose only.