As said last week, we did see triangle breakout. i was expecting it to be fast and furious as what triangle breakout normally do. Till now this movement was not as expected. Please note that this breakout was from 1.5 month of triangle formation.
Its highly possible that we are in ‘B’ wave now and ‘C’ will soon resume. I am keeping 10700 (previous low) as a hard stop for any further up move.
On monthly chart, we are seeing similar pattern where in past Nifty has fallen from here. Is history going to repeat ?
possibly we’ll see upward triangle breakout next week.
its going to fast and furious
Possible that we have completed downtrend and we are in upmove.
Hourly candle should not close below 10130 ELSE…..
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.