It's a indecisive Dorji candle today, after a red candle yesterday. On a Bearish trend and lower Highs, this could mean weakening of a bounce back. I would go short with a target of previous pivot - 11610 . Next target would be 10225
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CORRECTION - Please read 1st target as 10610, not 11610. It's a typo and corrections are apparantly not allowed!
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Hold your horses for some more time, Nifty has risen.
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Nifty has reversed from it's trend line. Wait for trend reversal.
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Nifty has shown strong performance today. But, it has also hit it's major resistance. Let's wait for trend reversal before any action.
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Ok, Nifty has been moving up after showing some signs of weakness. Today also, Nifty has moved but, Advance Decline ratio clearly showed weakness.
We will just stick to our charts and short it only when it shows clear signal of reversal.
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It's a red Dorji today and 2 days of Advance Decline ratio says signs of weakness. Wait for the bearish formation.
So Nifty went a little beyond my expectation. That's why it's important to follow the rules - Trade only on trend confirmation.
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Read above comment of Oct 8, It;s important to follow the rules - Trade only on trend confirmation!
So, it was a red Dorji Oct 8, first sign of weakness. Some would call it bearish. I would rather wait for clear cut bearish trend formation before shorting it.
And then, on Oct 9, it was green candle closing well above Oct 8 Candle! So, wait for trend reversal before trading on Nifty. Till then, there are other trades...
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This has been the third failure of Bears. Will next time Bears will finally win?