As expected months up the line- that this structure could be an irregular correction & likely running into C-Wave- which also has a similar personality to 3rd waves & can easily deceive bulls -indicating that everything is correct at the back end but what need to take care of is another clue from dollar rupee market which is also struggling for a breakout.
What a start to C-Wave
The FBI gives clean chit to Hilary Clinton putting C-Wave onto the track - gives a gap up opening from 8440
Another branch of market analysis, which at times can help a trader to participate in correct camp- bulls or bear camp. One thing to be noted that USDINR has not been going below 66.20 & 65.95 which is important for Indian Markets to be rather it has spent lots of time in sideways move & matured to give us a breakout in one direction which can be expected soon. So, Let us wait for this front as well to know the overall equity market direction.
Till the time gap between 8440-8490 is maintained- any dip could be taken as buying opportunity -make sure that Nifty should not trade below 8440-8450 zone.
Nifty- Can this dream turn into reality-part-2
Nifty- Butterfly- Can it come alive again
Boom - Did you hear the sound from 8480's to 8550's - Amazing
Now in present situation double bottom @8470-8480 zone is important from bulls point of view
Holding 8470-8480 -Then Nifty can rally upside
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ