Nifty Short Term View.

Oct 15, 2022

Things to Remember:
-->I am neither a Bull nor a Bear and I believe in the term "Correction" rather than "Crash".
-->No one was correct/is correct or will be correct all the time.
-->Particularly these wave analysis may go wrong at anytime that too with a novice like me high chance.
-->With the same data / charts available there will be another analyst, he/she will be having other opinions.
-->So Trading is quite difficult.
-->So my plan here is to give my point of view and it will change with time accordingly.

-->Zoom in/out and keep the chart as comfortable as possible I have drawn as few lines as possible to make you understand

Nifty Short Term View:

-->What if 15200 is start of an impulse wave?:

-->From 15200 to 18100 level will be consider as an impulse wave(Green Eclipse) (itself having several sub waves in shorter time frames).

-->Practically after a wave 1 ,wave 2 will be a corrective wave and it can retrace back to any where near 38.2% to 100% of wave 1.

-->Wave 2 will be a corrective structure of 3 sub waves. (WXY) as shown in the chart.

-->Now W wave has 3 sub waves and structure is completed.

-->X wave is sort of forming a horizontal triangle

-->Price touching "d" and retracing back to 17300 level will complete this triangle pattern.

-->If the triangle pattern breaks down as shown in the figure and if next wave "Y" can have a same projection as "W" then can complete following structure as shown in the chart
-->This will indeed complete the wave 2 of larger time frame by coming inside 61.8% od wave 1.

-->What if Nifty gives closing above 17430 - 450 levels?
-->Better to cover all shorts and I will looks into my charts all over again!

-->In these volatility it's better to trade at the extremes with low SLs. Plan the trade Trade the plan

*SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY.
*NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES.

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