NIFTY IT SECTOR CNXIT WAVE STRUCTURE

This sector has completed corrective waves as wave A-B-C and now possibly wave X has been started as a retracement, Once it closes above 20DMA (middle Bollinger band on daily chart), then it can show good strength and go towards north directions, up to 38.2% of whole recent fall as wave A-B-C. Some price actions and some indicators are suggesting reversals after bearish fall, which are mentioned below.

Hammer Sentiments, on merging last two candles on weekly chart
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price action is bullish piercing candle on weekly
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macd positive crossover on daily chart
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Stochastic positive on daily chart
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After oversold, now RSI is again above 40 levels on daily chart
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dmi adx positive on hourly chart
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dmi adx converging towards positive in daily chart
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.


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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
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