NIFTY forms Diamond reversal pattern on week/monthly chartNifty 50 IndexNSE:NIFTYrajsnu88https://www.tradingview.com/chart/o6luCpqC/ NIFTY NIFTY50 seems to be in a consolidation between 26300-21700, since it formed the top in September 2024. The drop started towards the end of 2024 when the FII's started withdrawing from the Indian market, looking for more opportune investments (AI trade) in the US and other markets. NIFTY revisited 26300 in early 2026, however failed again to breakout due to the developing geopolitical events and the recent hike in the Indian and global central banks interest rates add only more to the fire. Technically, the weekly 9ema have crossed the 21ema forming a higher high (HH) and a lower high (LH). The price found support at the weekly 200ema (22400) and bounced intermittently. However, the monthly fast and slow ema's are also turning flat and about to crossover. A break below 21700 would confirm towards the formation of a lower low (LL) and continuation of the downturn. The consolidation trend over the past two years looks like have formed a diamond reversal pattern on weekly and monthly chart. A measured move of the height of the diamond would set the target around 18000-17500, that would put NIFTY in the bearish territory with around 32-33% drop from the ATH, maybe even more!!