PenAndPencil

July Fifth Week

Long
NSE:NIFTY   Nifty 50 Index
What I had thought as the top of the third way turned out to be only half of the actual third wave. Third wave was extended! And I could not get an entry. While, again, the overall idea held, I could not get an entry. Entry only at market going forward.

Long Term: In the long term, the key observation is that NIFTY seems to have broken 1.618 levels from Wave 2. My view that the NIFTY is in the bullish Wave 3 continues to hold. The next target is around 12,000 levels.

Medium Term: In the medium term also, we seem to be in the third wave. It could take us upto 11,800 levels.

Short Term: In the short term, we are either in the second or the third wave. I like to believe that it is this wave. We could be hitting 11,400 levels. I would be proven wrong if the market falls sustainable remains below the wave marked as (ii?)

How would I trade this? But at market open on Monday. Stop Loss 11090 ( Rs . 8096.25 from Friday's close). Profit Target 11380 ( Rs . 13653.75 from Friday's close).
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