Nifty- Looking To Complete (iii)-wave below 8540

AbhishekHSinghCMT Updated   
NSE:NIFTY   Nifty 50 Index
Hope - No one got trapped on the wrong foot because 8690 was crucial level as soon as that level was taken out -selling pressure increased & prices rushed downside -almost 200 points fall- vertical fall

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.

Trading Strategy
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.

Trade active: 13:15 Hrs 30th Sep2016

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
Trade active: 14:15 Hrs 30th Sep2016


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
Trade active: 14:25 Hrs IST-30th Sep2016


Likley book 70% profit at 8620 & leave only 20-30% for 8640-8650 if it moves above 8625
Trade active: 14:35 Hrs- 30th Sep2016

Let us book another 10% as it is not crossing 8540 as per earlier updates
Trade active: 14:35 Hrs 30th Sep2016

Sorry for Typo- it is "8625"
Trade active: 15:06 Hrs 30th Sep2016

Trading at 8600

Yo- Man it falls -Awesome
Trade active: 15:16 Hrs 30th Sep2016

Likely its a triangle's C-leg we entered @8580 exited at 8625
Comment: 11:02 Hrs 1st Oct2016

Looks like a triangle, but if Monday opens with a gap up then structure changes.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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