So as I had indicated in my erlier post the Fibonacci target was almost met on 30th Dec, and also we have arrived at possible turn date as per timewvae.
. Today's price action will decide of the nature of things to come. If today (2nd Jan) is a down day, then Nifty will continue its upward momentum in coming days, otherwise next wave is downward. To know more, please keep checking this idea for more updates during market hours.
Someone had asked, can I predict for entire month, answer is no. I can see only 1 wave at a time.
Regards, Pankaj.
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For existing long positions TSL is 8015
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Most likely the next wave is also upward.
Trade closed: stop reached
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Action: Please close all long positions and short Nifty. TSL: 8190.
Have i understood correctly : Uptrend to continue 02.01.17 should be a downday? if Nifty closes in green then next wave is downward? Thanks
pankajvw
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@Praveen.bhatiya, That's correct. Basically if a short term wave had ended above, then that would have been a confirmation that current uptrend has ended, otherwise its continuing for the next date which I will communicate later today.
pankajvw
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As of now, it looks like today's date will be passed, and Nifty will continue its upward journey.