Nifty : Just an analysis...

NSE:NIFTY   Nifty 50 Index
Now there will be 1000 reasons and theories why Nifty             dropped down from 8720's.To check n validate whether those are right or wrong is not our job and that's not worth our time. Let those reasoning's be right, it cant make any real money, but if you have traded in right direction with your trade plan( Be it fundamental or technical) ,if you made money you are far better than those empty theories.Don't we know from start of august itself, Nifty             is gonna be weak with GST             passing (Sell on News ) ? Enough of past discussions, lets get back to field work !
Nifty             took out the support zone of 8580's, though we don't have any valid support on hourly till it reaches trendline
which is also Fib extension 2.0 if you draw fibs on Wave 1 and we do have fib extension 1.618 in the 8580's support zone , so easily that can pass as Wave 3. Well, I don't wanna predict where exactly Nifty             ends its wave 3. So what we are looking for ??
Scenario 1 : if the Blue trendline support is broken enter short ( I really expect Nifty             won't break it just like that, so we will get pullback to 8570's zone before breaking the supportline - that's the pullback area we are waiting to enter shorts. Use very strict stops if this happens.
Scenario 2 : Can touch supportline and bounce back breaking upwards above redline, Enter longs in Nifty             only after our 8570's zone is crossed. This will be safe entry according to Me, to initiate long positions.
Scenario 3 : If Nifty             ends wave 3 around 8570's n bounces up, I won't be taking any positions bcos I'm unsure about the move till red upper trendline is taken out.
Final Scene : Well, who knows ? That's Nifty's Style,Boss !
Thanks for your Likes..Happy Trading !
Nifty bounced from our marked zone with pin bar...lets see whether trendline is taken out next..
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