nifty retesting the breakdown levels of triangle and multi time support which became resistance now 16800..
journey above 16800 to 17060 won't be easy for bulls
Scenario 1:
so if correction is over ar 15671 than fresh 5 wave up started of which 1st wave up going on and than 2nd wave down consolidation will start..
scenario 2:
market still in corrective mode of which
wave (a) to (c) completed at 15671
and wave (d) up going on towards 16800--17000 (till now high made near 16757)
once wave (d) done... next wave (e) down will start.. towards 16000 & below
again scenario 2 looks more preferable till nifty cross 17000 level..
generally (c d )wave or one can call it (c X) looks like "v" shape recovery...
one should wait and watch here.... no buying at this level recommended unless sustains above 17000
so bulls stay cautious above 16800 after part booking of profit
whereas bears should patiently wait for sell off to emerge...
Range 16800/940------16000/200----15500/600
volatility in market increased due to events
Plan your trades accordingly
views are educational
journey above 16800 to 17060 won't be easy for bulls
Scenario 1:
so if correction is over ar 15671 than fresh 5 wave up started of which 1st wave up going on and than 2nd wave down consolidation will start..
scenario 2:
market still in corrective mode of which
wave (a) to (c) completed at 15671
and wave (d) up going on towards 16800--17000 (till now high made near 16757)
once wave (d) done... next wave (e) down will start.. towards 16000 & below
again scenario 2 looks more preferable till nifty cross 17000 level..
generally (c d )wave or one can call it (c X) looks like "v" shape recovery...
one should wait and watch here.... no buying at this level recommended unless sustains above 17000
so bulls stay cautious above 16800 after part booking of profit
whereas bears should patiently wait for sell off to emerge...
Range 16800/940------16000/200----15500/600
volatility in market increased due to events
Plan your trades accordingly
views are educational