Nifty - Intraday Trade Opportunity for Week of May 27!

An impulse is currently developing with distinct waves labeled as 1, 2 and 3. Should the nifty index decline in a clear ABC pattern towards the highlighted grey zone on the chart, and if we observe bullish candlestick formations such as the morning star or bullish engulfing, it may be a suitable opportunity to enter a long trade and hold it until the price reaches the high of 23030. All the mentioned criteria including stop loss are clearly indicated on the chart.

Notice: Please be aware that the information provided in this analysis is intended solely for educational purposes. It is strongly advised to consult with a financial advisor before making any investment decisions. I cannot be held responsible for any financial losses that may occur.

Trade active:

The price turned as was predicted and is now in the fourth wave. This might be a good opportunity for a long position with a small stop loss if it descends to our level as previously discussed

Comment:

On May 29, price might test our entry point. Watch for a bullish pattern before making a trade to ride the fifth wave.

Order cancelled:

Nift did drop to our area but couldn't identify any upward trend over a 60-minute period. No bullish reversal patterns was formed. Also the price did not respect 20 EMA and 200 EMA on 60 min time frame . Therefore, no entry was initiated. Will keep you informed about any subsequent anyalysis