Well, Nifty is at a place that there are so many possibilities :)
This one is in line with the previous one, where I had mentioned that 5 up is pending and 25k can come.
I saw a few stocks making an expanded ED and turning, which gave the idea that Nifty could also be doing that.
So, here it goes - we go up in an E - 24800 is top of the expanded ED - we might even see a throw over to 25k - but unlikely) and then roll over.
After that there will be 2 options:
1. Bullish Scenario - We are just doing a 1 and the retracement we get is 2 (23400 target). Once this retracement is over we head to all time high.
2. Bearish Scenario - This entire leg up was corrective and we head down breaking April's lows.
In both cases we should get a decent short opportunity aroun 24800-25000.
However, now we have a minor trade for long - I would usually trade this very light and mostly intraday.
Will wait for the end of move for short trades. All the best!
This one is in line with the previous one, where I had mentioned that 5 up is pending and 25k can come.
I saw a few stocks making an expanded ED and turning, which gave the idea that Nifty could also be doing that.
So, here it goes - we go up in an E - 24800 is top of the expanded ED - we might even see a throw over to 25k - but unlikely) and then roll over.
After that there will be 2 options:
1. Bullish Scenario - We are just doing a 1 and the retracement we get is 2 (23400 target). Once this retracement is over we head to all time high.
2. Bearish Scenario - This entire leg up was corrective and we head down breaking April's lows.
In both cases we should get a decent short opportunity aroun 24800-25000.
However, now we have a minor trade for long - I would usually trade this very light and mostly intraday.
Will wait for the end of move for short trades. All the best!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.