Nifty updated count [Pls read description before foll. arrows]
The Nifty uptrend continues. The 1st target of 8770 is achieved.
It's just that the structure formed is slightly different than the one shown earlier (previous ideas links attached). The updated one is shown in the chart. However, SLs and targets remain the same. Now, the SL is 8540 (from 8515). Any pullback can be bought at the fib retracement levels of the current up move.
IF there is a retest of the 0-b trendline of the corrective structure (as shown by the dashed arrows), then it'll be another great opportunity for adding longs (like it happened on 8 July 2016 shown by the bold arrows). Else, the up move will continue. Do not short anywhere. Targets are 8860, then 9150. Basically, just be alert once Nifty reaches the UTL.
Any move below the LTL (which may or may not happen) could result in the start of the correction of this entire up move, but till then trend is up.
It's just that the structure formed is slightly different than the one shown earlier (previous ideas links attached). The updated one is shown in the chart. However, SLs and targets remain the same. Now, the SL is 8540 (from 8515). Any pullback can be bought at the fib retracement levels of the current up move.
IF there is a retest of the 0-b trendline of the corrective structure (as shown by the dashed arrows), then it'll be another great opportunity for adding longs (like it happened on 8 July 2016 shown by the bold arrows). Else, the up move will continue. Do not short anywhere. Targets are 8860, then 9150. Basically, just be alert once Nifty reaches the UTL.
Any move below the LTL (which may or may not happen) could result in the start of the correction of this entire up move, but till then trend is up.
Related Ideas
Nifty update
tushargupta1991
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