Nifty Midcap Set for Harmonic Reversal - "Risk Hai Toh Ishq Hai”
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The market's current downturn has instilled a sense of unease, echoing the famous line, "Risk hai toh Ishq hai." However, in the reversal trading, calculated risk is paramount. And right now, the Nifty Midcap100 index is flashing signals that warrant attention.
Despite the prevailing bearish sentiment, the emergence of multiple bullish harmonic patterns on the Nifty Midcap100 indicates a potential reversal.
1. Bullish Black Swan Harmonic Pattern on the Daily Chart
2. Bullish White Swan Harmonic Pattern on the Hourly Chart
The validity of these bullish harmonic patterns hinges on the index holding above its recent low of 48,503. As long as this level remains intact, the potential for a midcap rally remains strong. A breach of this level would invalidate the patterns and suggest further downside.
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