#Nifty || 17th June 2022 || Falcon Trader || Daily Analysis

Story time, I knew FOMC meeting will happen, 75BPS is priced in, but I was not carrying any positions.
Before mega event it is better to avoid holding positions as it will never help.

Market opened gap up and stop loss of many triggered, and people who were writing puts squared off and so on.
Followed by massive call writing and sharp selling leading to wave 5th formation.

Thus completing our story of wave 5th of 3rd.

Now I think price should go up in 3 waves ABC format for wave 4. Tricky but sweet and people who were late at shorting will learn a lesson.

Having said that, I myself made few mistakes and had to close my positions and open new ones. Falcon has speed and can fast trade and switch sides.

Hope this chart helps.

Like and follow for more analysis daily.

Once we touch 15900 levels, we can plan to short again... till 14K levels and beyond. Time will tell, lets focus on one day at a time

Comment:

Clear chart here:

Comment:

Falcon Waves is different form Elliott Waves. In Falcon Waves we focus on major pivots first and then Fib levels, and connect the bridge between Fibs, Gann Level and Elliott Wave.

Trade closed: target reached:

Can you see Blue Line mentioned as Target Line
Price has reached target line.

This target line can be found days back, probably every chart since past 5-6 days has this Target Line drawn.

Falcon Waves gives me ability to draw this.