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.
Support 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.
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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
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14:15 Hrs 30th Sep2016
Trading@8612
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
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14:25 Hrs IST-30th Sep2016
Trading@8618
Likley book 70% profit at 8620 & leave only 20-30% for 8640-8650 if it moves above 8625
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14:35 Hrs- 30th Sep2016
Trading@8525 Let us book another 10% as it is not crossing 8540 as per earlier updates
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14:35 Hrs 30th Sep2016
Sorry for Typo- it is "8625"
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15:06 Hrs 30th Sep2016
Trading at 8600
Yo- Man it falls -Awesome
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15:16 Hrs 30th Sep2016
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.
Comments
chartreader123
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Hi,
As per your Wave count , we are in 3 of (iii), right?
But the GAPS,which are a trade mark of wave 3,is missing.
WaveTalks
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Yaa Gaps are one way to recognise 3rd waves but not necessary- perssonality is also to be seen- The candle which we got on account of India's Surgical Operation on Thursday 29th Sep2016- personality wise looks like a 3rd wave -I may be wrong in my assumption.
VadivalPranchi
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Going to trade oct series with this chart
Please post Bank nifty chart also
WaveTalks
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Yaa Sure- Let me check & I shall update.
inderjeet05
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That was very articulate and helpful! Thanks
WaveTalks
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Welcome
selvamB
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Tomorrow expecting sharp down fall in nifty.All the markets has to testify the bullishness .classic C wave opened for bears
WaveTalks
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I also have a view that going below 8540 sure -it falls or sell at the top, close to 8630-8640. Let us see how Monday opens. Have a nice weekend.
As per your Wave count , we are in 3 of (iii), right?
But the GAPS,which are a trade mark of wave 3,is missing.