The depth of the wave cannot be determined in current state & its shape but we will move as the market moves.
Going above 8210 -key level in upcoming session- This wave will extend & can go even beyond 8600 because ((x))-wave extended below the origin of ((w)) -wave which was 8002.
2 features clients could use
- Every previous chart will have load bar facility shown at the right side as arrow -which can be clicked to see how analyst prediction went & how correct he was in his analysis.
-In new & current analysis -one can use the alarm feature which is present in the update name so that one can keep an eye on analyst prediction- if it starts moving as he predicted which will help one to decide whether he wants to trade the setup or leave the same.
Related Analysis attached below
Traded x-wave with at 8600 & other analysis.
Going Above 8130 -likely moves into the next resistance zone of 8190-8210 & going above 8210-
Sustained above 8050-8060 good support zone
Started to wave-ii (recovery likely to last with DowJones & S&P topping in Jan-Feb2017
Wait for the Dhamaka downside- shall be excited to see the fall likely from Mid Jan & Feb 2017- wave -ii in ETF & wave-c in ((2)) both will lead us upside.
Moving for wave-ii
Above 2 charts are India ETF charts & not USDINR charts- Kindly do not get confused. I have shown these ETF charts as that was the basis of me selling in Nifty at 8800-8850 & going long in Dollar Rupee between 66.20-66.50.
Avoid taking any position home. Try to enter again if one gets a chance in the zone 8050-8060 or let us come back tomorrow to see how the market opens up.
Do not blame others for missing profits & losing trades. Financial Markets are not risk free.
Only those who can afford stop loss below 7950 they can hold because that is the important swing low else all others, kindly take your own decisions.
Staying above 8140-8150 - It's likely to touch the next resistance zone of 8200-8210
Likely we should book profits in morning trade
Very Important Resistance- Bears will run away as so many of them are putting stops above 8210- Market always keen to eat those stop losses so any move above 8210- will hit bears hard.
Booked profits in the zone 8190-8200 - Likely Nifty retraces back to yesterday's low close to 8100-8110 then we will see -whether that zone holds -if that zone holds then Bulls can take long in that zone with strict stops below 8100.
Its an upmove so avoid any selling -pullbacks one should use to buy not to sell - if someone is still interested to sell, then put strict stops above 8200 as going above 8200-8210 - it will extend upside to 8250-8260 zone.
Nifty is struggling to go upside so likely long positions will be good if it crosses 8210 for 8250-8260 zone.
Book Your profits & Leaving for the day.
Key Support zone - 8090-8100
Nifty back to struggling zone 8190-8200 - avoid any selling as going above 8190 & crossing 8200 will push Nifty to 8250-8260 zone.
We will take sell only below 8090-8100 or any pullback to that zone can also be taken as buying zone with stops below 8090 & going below 8090 - Nifty will be seen in bears control.
Amazing & excited as usual that it moves upside in desired direction- can we solve this puzzle.
Thanks for all your support guys- such a wonderful community.
Good Morning, All!
In last Trading Session- Nifty crosses 8200-8210 resistance- an important zone -if in today's session, it comes close to that zone & bounces back then likely can take long positions, but careful no longs if sustains or goes below 8200 - Bulls will be happy if it sustains above 8210-in that case it will push even higher to 8280-8300 zone
& going below 8150-8155 zone, which is again key support zone -then only one should take short positions & going below 8150 -we shall look for 8100-8110 as target zone as 8100 is again important critical support.
UJ(USDJPY) has fallen 30 pips at current sessions so likely bad for Asian indices - I will suggest who ever has taken longs book profits & stay on sidelines as going below 8200-8210 -likely there will be pressure downside.
Recent Low @8108
There was a gap between 8185- 8154 so likely as Nifty is holding here in current zone so- it could be possible that it goes & fills the gap partially in that case I will look for a bounce in the zone 8155-8165
Risky Buy - Traders could buy with strict stops below 8108 -recent low for targets 8155-8165
Safe Traders - look to sell on the bounce between 8165-8180 with strict stops above 8205.
Even though 8108 is taken out, but selling won't be advisable here only at the bounce in the zone 8165-8180.
or Let it break 8100-which is important support next for 20 -25 odd points downside between 8075-8085
Looking for 8165-875 as mentioned above
Partially filled, but yes got 50 points from the neck 8100-8110 zone till 8150 in 2nd attempt.
Avoid Taking Long positions - if it fails to go beyond 8158 -8160 that means it has started downside again because the expected bounce is done & look to sell on tops if you get a chance. The only problem is stops are too high i.e. 8205-8210 zone -which is important key resistance.
100 points -Bang On for Century Today in Up -Down Intraday Session. Enjoy the weekend guys
4th is Italy votes to stay or exit Eurozone - markets could be volatile that day. Take care in Trading.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ