Hi As of now, seems nifty is running in a 5 wave structure. As of today, it has completed 4 Waves (Pl refer Chart). 5th Wave is pending and might get completed near 12300 levels. Also we need to be careful near 12100 levels, in case if 5th is a truncated wave. As of now, we can go long with SL of 11780 , 1 Hour CLBS for the above said target. Any close below 11750 on daily basis, will consider this pattern invalid. The chart is self-explanatory.
Comment
⋅
Still holding the CLBS 11780. So Bulls need not worry. Hereon, we may see a good rally.
Comment
⋅
High made today 12038...now sl can be changed to 11940 clbs
Comment
⋅
It seems we are on our way towards 12345 now. Looks bullish to me. Has made a new high made 12132. SL can be brought up to 11970 1 Hour CLBS.