Bravetotrade Mod Updated   
NSE:NIFTY   Nifty 50 Index
Mad bull or not, we are projecting higher and that is more important.

In the longer term chart it can be observed that each time we started a fresh wave after making a base, it ended at a precise Quad level. Sharp reactions can be seen near those levels. We can expect similar targets for wave 5. If that is the case, the projected target could be 15397.

Also In the current chart, the 5th wave seems quite clean compared to wave 1 and 2. There was some sort of hesitation and complexity in the wave 1 and 2 price action but clear sub-waves can be observed in wave 5. Its highly likely that we are in sub-wave "iii" of the larger 5th.

Where to expect the pullback
The length of wave 1 and 2 were approx. 4000 to 4500. We have already traveled approx. 4200 so far in wave 5 and we are double-up from the base of wave 5. It does not mean that we will reverse from here. But I have been watching 11111 to 11400 zone for a pullback.

The longer term and short term strategies
There is a high probability that we burn our fingers shorting in a bull market. The strategy should be to buy the pullbacks. At this point the markets are in highly stretched and overbought situation. In order to invest, its better to wait for a retracement rather than jumping at higher levels and suffer drawdowns. For short term trades, its better to buy the pullbacks on smaller timeframes and take quick gains off the market whenever possible.

Hope this analysis would help some traders in taking better decisions.
Do hit like and comment.

Trade safe
Nifty may find some support near 10777 level.

JJ Singh
Moderator, TradingView

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