Alternate Count- More Case- labels with pink color.
Which is an important clue to me as per my primary wave count- from 8968 to 8506 as larger wave-1 then a bounce back to 8737 ( W-X-Y ) giving A-Wave (Alternate Count- wave-2 finished at 8737 highs)- we are in smaller wave-(i) of wave-3-- Output- We can expect nifty to fall sharply
Primary Count- Bounce expected close to the zone 8850-8900 before we fall again
Wave-2 yet to finish & just done with W-X-Y ( A-Wave ) -at highs 8737 -then fall in W-X-Y (B-Wave- currently running) shall be confirmed done once Nifty moves above 8550- a key level.
Nifty-Can this dream turn into reality Part 2
SGX Nifty- 300+ points down & Dow Futures 600 points down
Deep Bearish - Bulls are trapped- This is what happens- surgical strike- no time for reaction
In opening session we need to see whether index holds below 8490-8500 zone
On the bounce or gap up of Index between 8490-8500 zone -taking a small stops above 8500- one can take sell positions
Once Index moves below 8350- will have high chances to go close to lows of 8000- recent low- in that case B-leg is subdivided into a-b-c & we could be moving into last leg of c-wave & finish this whole down sequence likely in next week & start -upside journey for 2-3 months- which is little premature- will confirm once market moves.
We will come up with buying strategy once we see market reaction & prices staying above 8500
I am taking this whole move as ABC -which is little premature to tell so keeping it back of my mind.
8635-8650 is an important zone, so let wait for Nifty to kiss that zone holding above 8570-8575 zone as mentioned.
Price is doing sideways after reaching day's high@8598 - going above 8598 - Shall thrust upside or going close to 8575-8570 zone & holding above that zone -one can look to participate in short term up move -Intraday wise till 8620-8635 zone. Let that finish. I shall come back again
Prices have gone below the 8570-8575 but we will wait for more confirmation as going above 8598 -it will continue upside. So, Let us wait
Just dipped close to 8550 if remains above that - I am still open for upside as expected above but sure if goes above 8600 - we will go up. Serching for my missing leg upside
Dipped close to 8550 - should not go below 8560- or we go out of the market & wait at the sidelines
If goes above 8600- Then we are in the safe zone for the missing leg which I am searching
Looking this whole sequence to end as ABC - so be careful in the zone 8635-8650
Hold with 8570 - Going Below that it will doubtful for Nifty to continue upside & add only above 8600
Looks done on upside Nifty is holding on top@8600. Avoid taking longs unless goes above 8600-8610 zone, but still there is limited upside left.
8600-8610 zone is important going below 8550 - will confirm that its looking downside
Bang On for the correct move from 8580.Likely Price Holds between 8505-8510 - suggests to partial profits or full & wait for the bounce to re-enter.
Wow, what a fall!
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw