neilroy7

A small recovery in nifty from current down move

Long
NSE:NIFTY   Nifty 50 Index
Nifty can see a small recovery in price action around 8620 - 8700, as we can see the C or the 3rd wave has just completed, the next wave is either iv or X, either way if nifty goes up it should have a corrective :3 wave format.
If wave iv is to be in action the price will not go much high but it can take a lot of time, If it's an X, the movement can take price and time both.
Trade active: Nifty is trading in the range given yesterday, I posted this before making the final low, so it made a low of 8551 and is trading over 8620 today, A few quick updated,
i) NIfty touching the level of 8662 will confirm this upmove is not a 4th wave but a b.

ii) Nifty should not cross the upper trend line in order to make a new low below 8500, which doesn't look like it will soon, Which means price shouldn't go beyond 8700, else I will have to recount.
Trade closed: target reached: As expected Nifty seems to have reversed from the given price range, i.e, 8620 - 8700, It seems new impulse has started downwards.

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