The move from 9295 to 10590 looks like an initial impulsive upside push has completed & later move from 10590 (Critical Level) -it was some complex structure which could have completed the corrective sequence at recent lows@9592 or part of the correction which will be confirmed once it starts moving above 10590.
Once it starts moving above 10590 -that will be our initial clue to take long position & later on should cross the & finally sustain above the channel for an explosive move upside. Moving above 10750-10800 zone likely it travels 161.8% of the initial push from 9295 to 10590 which comes in the zone 11700-11800 as the target zone.
or if it fails to cross 10550 & sustains below 10400 for a day or 2 then likely this correction becomes a time consuming affair & shall possibly dip again.
Review of the last scenario
Bang On for the move - sell setup gave 500-600 points move downside & waiting for markets to show us the way next - which indeed jumped from 9590 lows & travelled close to swing highs 10550(Key Level)
- almost 700 points more on the upside.
You would love to read my previous updates
CNXIT - W=Y=Z is the Equation Solved- Another Clue for India Nifty
CNX IT - Revist - Sell Setup below Rising Trend Line
Very Strong - Channel Crossed & moving as expected above 10590 -Wow!
Price has crossed the channel, but doing very suspicious just above the same, so bulls have to be careful here for coming sessions.
Suspicious - Suspicious & Suspicious . Falls from 10800's to 10500
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ