The rally from 3315 in year 2009 made a fresh high 13300 in late 2010 which was retested in 2013 by a high@13415 approx.
It is a super count for Indian Markets but not immediately as likely it could repeat the story of which was done in 2010-2013.
Initial (Year 2010-2013) we had in wave-(2) which was formed as W-X-Y sequence(red wave). A possible scenario which can repeat in 2015-2017 but this wave-2 within larger wave-(3) again can take the form of W-X (which is close to finish or finished@21042 recent high) & we expect wave-Y down to finish wave-2.
Duration 1022 Days
Likely it should take same duration as it did for larger wave-(2) - 1022 days, so BN could go into late 2017 or early 2018 to finish smaller wave-2(Green wave) within Wave(3).
Trading Strategy (Very Important Question)
However fascinating it is -one should never get carried away -which is my mantra of trading- confirmation - so, wait- Let the market puke- it spreads like wildfire- "You heard Market Puked - Is it true -Market Puked" - then you know bears are coming back.
Have a nice weekend!!!
Wow! It was a nice fall in the day. 200-225 points fall from 20820 to 20585.
Intraday Trading Strategy-
Holding 20650-20675 on top if it goes below 20600 likely can test the gap of 20350-20375 as a target zone or
If goes above 20650-20675 then bounces upside for 100-150 points for target zone 20825-20850
The recent dip till 20550-20565 look to book or exit once goes above 20650 it could rush upside for 20825-20850.
It turned exactly from 20550-20565 - Risk Takers have zero risk of buying if shoots -goes into 20825-20850 as suggested above.
Taking long positions home has risky as markets never allow to cut your trades in case of a gap down & we are trading a counter trend move which will give required push if crosses 20650 for desired zone 20825-20850 - we are interested in a larger move & we will not hurry to judge the medium term direction.
Market is about to end & it starts moving upside- from 20580's to 20640. Sometimes- "market pe bahut gussa aata hai"
What a day to start with a green candle.
Day's High@20833 was just shy of the upper zone of the target 20850- hope -you guys have booked profit in early session. Intraday we got opportunity from 20690-20700 zone for target 20825-20850.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
few indicators like this one http://www.moneycontrol.com/news/market-news/comment-bank-nifty-overbought-traders-know-just-when-to-exit-trades_8553601.html though indicating the impulse may get halted.
Let's track what the Supreme market has in store for us