If my counting is correct, we are near completion of this downtrend. We should see recovery in 1-2 days. It would be nice if wave (v) goes below wave (iii) before recovery, giving us more confidence in this structure
My trading strategy from monday till expiry will be –
- play in 5 min chart
- ONLY BUY no SELL
- BUY when 2-3 candles closes above 50 SMA
- Squareoff when 2-3 candles closes below 50 SMA
- Repeat above
(Disclaimer – Above will be my strategy and I am not recommending anyone reading this blog to do this. Anyone doing will be at their own risk)
Nifty is still forming 4th wave in Weekly chart. In Earlier post, I thought 5th wave has started but it turns out to be ‘B’ wave. Now we are in final ‘C’ wave of 4th wave. Once complete we’ll see new high.
Posting my views on nifty
Price is at same place of my last blog. I am not expecting price to go down from this point. As per my analysis – Price correction ends at this point. It should not go much below this.
However I had concern over 5 wave move. Which now I think made double correction.
Get ready for price to make NEW HIGH.
We can see double divergence in RSI also.
I think correction is complete or very near to completion.
We should see new high now.
My only concern is this wave (iv) looks like 5-wave structure. Anyway we will get clarity near 11600. My target is around 11600 for now
Posting my views on current position of Market :
From Long term to Hourly time frame
Expect bounce from 10000 area to 10230, which will complete wave B. Wave C then should see 9700-9800 zone.