NIFTY is making a flat correction pattern with the top of B formed at 8370. For the slide down the first target is between 8240 to 8197. The Swift rally was just a trap to get the retailers sucked in or window dressing for the 6 months. Can be validated only at 8250 if the support holds
Based on Fib extensions and the major hurdle at the extension levels. Will look for an Outside Day with a Rapid expansion which is Swiftly reversed in these levels indicating rejection. Short will make sense only on seeing such a price action.Don' t expect in the next two days as Option traders will maintain a very tight leash on the market making price movement...
It seems the fifth wave for the overall trend is truncated with an Orthodox top at 8288 abouts. The correction for the whole of 5 wave series may be in progress. The Wave A was not trade able as it was a gap down opening with no clue of where it will end. Normally Wave B should not be traded but as an exception we can trade this to a target of 8150. It should be...
The Nifty seems to be creating a diagonal move for the fifth wave towards 8400. The first target for the 3rd sub wave is 8320. Traders should take advantage of any volatility of BR EXIT tomorrow to catch a dip near 8160.
This should be traded only after the BR EXIT results as volatility ( if exit is chosen) can change the complete perspective.
Since X wave has formed it seems complex correction is possible
Two aspects are not clear. Is the three wave formation for the X wave completed? Secondly did the first correction only correct the extension and this correction will correct the whole third wave - in that case Nifty can drift towards 8002 mark.
Since the X wave has been formed. Will ABC correction to resume. Global factors seem to favor the same.
Two aspects are not clear. The X wave should be a 3 wave formation - is that completed ? it can be ascertained only once the Nifty opens today. Secondly was the first correction only for the extension of the 3rd wave and this correction is for the whole wave in...
Wave C of the Correction is extended. There is some way to go before completion. However since there are multiple issues in global market and Wave 3 was extended. There is a case for an complex correction. In this case the market will rapidly move back to 8200 in matter of hours and it will seem like the trend has resumed. However a further ABC correction will...
Wave C is in-progress for the correction. First Target is 8151 and Second Target is 8119 based on Fib's. The market seems to have the strength to bounce back but global markets may peg it down and the correction may continue.
The easy money is made. It will be difficult to determine if the next move is sub-wave 1 of wave 5 or extended correction.
Wave A is in-progress of the correction. Looks like Zigzag correction so will extend couple of sub waves possibly tomorrow. Dont Trade Wave B which will trap every body. No target for it.( Unless you want excitement of watching dow jones all night and praying).
EWA suggests that Nifty is in a Strong uptrend and though the short term is a shallow correction at the end of Wave 3. The final target is 8450 atleast. Any correction towards 8150-8180 zone should be a buying zone.