A simple price action strategy explained for SGX NIFTY
Same can be applied to indian NIFTY too.
Explanations; Origine of engulfing (peak) formed at 18621
First drop from peak completed with climax (5waves) indicating SHORT TERM REVERSAL .
Now ,recovery to resistance Level (minor SR) is nearing to complete at 18123.
What next? Selling will resume and drop in price...
SGX NIFTY which is traded based on our indian NIFTY, will give you an ADVANCED movements before our market opens.
This will give traders an edge to take or quit positions ,sometimes loss of sleep also!
Elliot waves should be drawn as per cash markets(as per Glen neely) But there is nothing wrong since this future is the mainly traded by matured participants unlike...
Price is approaching support where we could see a bounce from our buy entry. Stochastic is approaching support as well where we could see a bounce from here.
Price is approaching our support in line with our trend line, 61.8% retracement, 127.2% extension and horizontal pullback support where we could see a bounce above this level.
Price is approaching our support at 8.40 where we could see a bounce above this level. A break above our bearish trend line could see a further upside in prices.
For SGX, I am seeing limited upside before it reaches our sell entry, in line with our 50% retracement and previous breakout level where we could see a reversal below this level.
