Take breaks quite often guys.. what's the need for money ? To enjoy the life, so when you make money we should take care of the fact that making Money itself won't become a stressful work. So frequent breaks always helps. Let's jump into analysis & see what Nifty is doing without Us ?
To connect to the past in our last post, we decided Nifty will move around 8550's, such a sweet darling Nifty is, did exactly the same thing came down below 8600's n ranging putting up a channel - probably to give the breakout to downside. Even if the channel breaks to downside, we have potential formation around 8540's which needs to fail for the further move down. If you want to get fancy & do wave counting n all, thrown in some wave counts, we end up in the middle of wave 4 which is yet to get completed, on downside breakout of channel Wave 5 begins in Nifty , an upside breakout makes the waves fail. You can do with or without Elliott's not at all a problem. Bcos it depends on trading chances on potential breakout of channel shown above.
If the works (on valid confirmation), then its such a sweet spot to initiate longs in Nifty with proper stops for a move towards 8700's to fill the Gap. In that case we may need to book early profits of approx. 50points in Nifty . So its a Game whether 8700's comes first or 8400's, but both will happen. Bull or Bear - we will make money in Nifty .
Though I'm biased towards Bears,if Nifty breaks below 8500's - Guys, get ready to play in the Mud, it will be really nasty play in mud which means how soon we break below 8470's to reach for the Most Expected 8400's.Mud play implies ranging days till Diwali 8400's to 8700's bcos both Bull n Bear goes out for Diwali shopping & Nifty will range. You may think why so much pessimism ? Its not pessimism, we are optimistic on making money over pessimistic Nifty . In all probabilities I may be wrong, but a good move after Diwali is expected.
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