Nifty & SPX Point & Figure

Nifty has given the sell signal in Point & Figure format. The index is below the support levels of 4800 which was high of last X columns.

Worth noting is that the recent up trendline is still maintained and the last horizontal support at 4400 is crucial.
Any break below the previous X column lows of 4400 can change the bullish view of Indian Markets.

Also the Index sell off came exactly from the top of the upside resistance line in Nifty. Will Nifty be in the upside channel is worth watching.

Point & Figure charts are best in terms of intermediate term view and tension free trading.
Like after the recent sell signal the Nifty has moved down by 150 points. Only worry is when the reversal occurs.

SPX Point & Figure charts

The SPX has also triggered the sell signal in point & figure. Crucial support level is at 1010.