Nifty may not have bottomed yet? Neither is a top in place?.

Presently, the current uptrend does not seem exhausted with daily and hourly RSI indicating possibility of yet another rally of 500-600pts becoming overbought. Hourly RSI has already started a divergence with price not confirming it yet. We may be heading to a freak top at say higher than the last swing high of 18050 beating it may be by 100-150points before turning for a climax low in September. This is just an opinion loosely held, however a possibility that might offer a big and a swift swing trade. Tgt if a proper rejection comes could be 14200-14300. However last swing high beating by 150+points say i. E 18300+ would negate the view. This view is for the second late half august and for September!Thanks. I had similar views at the last swing top and expected similar tgts which did not come. Just looking at possibilities. Trade as it comes. Take care!

Comment:

As per my view, a top might be in place tomorrow or on friday. A short at about 18100-200 may be taken with stops of 18350 for a tgt deep below possibly as low as 14250. A trail of 700points may be used to exit if tgt fails to reach.