Nifty has made another throw over of another 100 points from the last ATH and made a new ATH . It could
not sustain there and made an Open=High on last Thursday and started falling.
- signals in daily could not cross over to give upward force and the Bears were waiting for the opportunity.
Now the downward wave started and very soon we can see it is breaking all supports. The minimum expected to
reach is the lower BB in daily and by that time the signals reach near below 0 and enters below 0 inside the
histogram the fall can be aggravated to the levels 11100-200.
: The daily LBB is at 11397 and it may move up a few more points. This is the first major support as of now.
MA : The 200 MA in daily is placed at 10983 at present and it can also move up to 11050-11100 depending upon the number of
days Nifty is going to take to end this correction. This can become the second and last support and a reversal from this point is expected.
Waves: as mentioned here on a regular basis now we are in 5th primary and 1st secondary wave and 4th sub wave. This is not EW so please do not try to compare it.
: In the last post a is drawn to give the approximate levels NS can fall and the targets on the higher side. These can be considered as a reference points.
FIBO : In the last post a FIBO retracement also posted. These can be considered as a reference point.
Candle Pattern: When Nifty made the 11761 high and retreated, it stopped short at 11549 levels and almost made to attempts to break it but could not go below it. During the process a pattern developed and it took Nifty to one more high at 11853. As a perfect was made at 11760-61 levels I was wondering this could drag Nifty down much more than expected and projected here. Now that concern is negated by making another high.
All the above are purely for educational purpose and it may or may not happen. Anybody wish to take a trade is advised to take the opinion of his/her Financial Advisor before doing so as the writer and/or the website will not be responsible for such actions or its outcome, whatsoever.