Now this vertical fall looks like a (iii) wave for the sequence started at high@8968-69. We cannot judge how long this (iii) -wave will be but in general moves -it usually travels 161.8% of (i)-wave so I am coming up with the zone 8440-8460 as target zone where (iii)-wave will measure 161.8% of (i)-wave.
From my earlier updates long back -when I had an update "Amar-Akbar-Anthony" I came up with the update telling all- the importance of trendline.
8540 -was critical level as Nifty bounced 3-4 times from that level earlier so break of this level can induce pressure again & one should be careful & cautious- then we shall open up for target zone 8440-8450 where (iii)-wave likely completes.
Its a range bound market for today -in such situations-you should buy at bottom zones where price is getting rejected like 8560-8570 -Not allowing to go down & sell at top in the range 8640-8650 -we need to see whether it faces rejection on top also.
Critical Support -8540 downside & Critical Resistance -8690
Likely as I said buying at dips & selling at high is good at the moment. Nifty which was trading at 8580 -now jumps to 8612
Likley book 70% profit at 8620 & leave only 20-30% for 8640-8650 if it moves above 8625
Let us book another 10% as it is not crossing 8540 as per earlier updates
Sorry for Typo- it is "8625"
Trading at 8600
Yo- Man it falls -Awesome
Likely its a triangle's C-leg we entered @8580 exited at 8625
Looks like a triangle, but if Monday opens with a gap up then structure changes.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw