InsiderB
Short

Nifty : Fishing in Muddy Waters !

NSE:NIFTY   Nifty 50 Index
True to the title, On the days we had gap downs or Ups we face complete ranging market only with chances of scalping,let that not happen today. Yesterday's Nifty price action formed a channel sloping downwards, so we are looking for breakout & scalping chances within the channel. I don't scalp, unless you go with sizeable lots scalping will make your brokers rich, given that point I'm not big fan of scalping. Positional(Swings) or Intra is perfectly fine with Me.

(i) Nifty should not breach the upside channel, even if it does not more than 8560's
(ii) Slight upmove within channel & move down to break 8500's will be loved

But the chances of (i) happening are higher which will make the upside channel breakout false one if it reverses around 8560's there we can take out some Bulls if bearish price action confirms reversal or anyother pattern forms for shorting Nifty . If you want to get hold of 20 points from 8540's to 8560's its your wish as per your plan to go in with proper stops.
Comment: Nearing upper trendline of the channel, so what next ? False breakout to upside or retest of trendline before moving down ?!
Comment: Add to your confirmation, I don't want this to fail :
Comment: Smiling Silently... What you wish, that you get. We expected close below 8500's, here Nifty is giving that, just 360 seconds for day closure.

Comments

this whole downfall seems impulse to you?
+1 Reply
InsiderB SohilShah
you mean as it is in 15 mins or which timeframe you are referring to ?
Reply
SohilShah InsiderB
could be any time frame...but the fall from 8670 ..then the gap..
Reply
InsiderB SohilShah
Well, in that case if we take on hourly, the first impulse move can start from 8740's which will give wave (iii) end around 8400's-8430's. But Nifty should remain in bear mood & a daily close above 8550's will ruin our counts.
Reply
SohilShah InsiderB
hahaha so if trump wins then this is impulse or if hillary then its a 3 wave correction :P
+1 Reply
InsiderB SohilShah
Lol.. that's a nice Elliott variation with Hilary & Trump, Hilarious. 58% Hillary win just My Intuition says - in that case we can do alternate wave count on Daily which will give us abc corrective wave
Reply
Thanks .
+1 Reply
InsiderB AMBRISH
All the Best, Let's hope for Non-ranging day !
Reply
AMBRISH InsiderB
BNF weekly expiry so movement will be in BNF.
Reply
InsiderB AMBRISH
Yeah, BankNifty post is on the way. As of Now 2 chances emerged... will post it out soon
Reply
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