murthyonline

NIFTY in 5.1.4 Wave

NSE:NIFTY   Nifty 50 Index
In continuation of earlier posts follow up this time weekly chart is posted to highlight an observation posted here an year back.



If we go through the above link we can see that in weekly chart whenever the price goes above the Upper Bollinger Band (UBB)
it remains there for 2-3 weeks giving higher highs. Then the tendency is to drop back inside the BB. That is exactly what has happened even now. Once the above happens the tendency is to reach near the 9 EMA . Now that is yet to happen.

This being the 4th sub wave though it has all the characteristics of the 4th primary wave . We have seen for the last couple of months the upward journey slow and pull back was fast and sudden and limited. In 4th waves the fall can be termed slow and the pull back fast and sudden but limited. Moreover this leaves a trader gaping which way to go.

After 200 points drop from the ATH nifty is taking a breather moving up and down within the 100 points. Next week can be the
killer. The important numbers to watch for is 11537. A break of this can invite sudden sell off of 80-100 points. Watch out for the 9 EMA in weekly chart that is the first destination expected for the Nifty . The lower low and lower high in weekly chart points towards it.

Now the TSL for positional shorts dropped from 11768 to 11685. Once it breaks 11537 decisively, the TSL moves to 11665.

This is purely an educational post and what mentioned above may or may not happen. Anybody taking trade please consult with your financial advisor before doing so, as the writer and /or this website will not be responsible for such actions.



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