Waves have been marked on chart for assimilation.. Presently, the correction of first impulsive downward wave of 15 Oct is going on .. it appears to be a flat/ extended flat correction.. wave (a) of this correction appears to be over n wave (b) is in progress.. it appears that minor degree wave a of (b) completed yesterday .. expecting it’s wave b to unfold n test resistance zone of 11820-11840 as marked on chart .. from there wave c should commence .. if it is a flat correction, wave c should take support at 11680-11660 levels.. however if it unfolds as an extended flat, expect wave c to test 11600 levels (+/- 20)
Note - views expressed are personal n for educational purposes only
Bought yesterday 12000PE @ 98 and sold at 188... ... thanks to your analysis... kerp posting... and what next move to expect...
raj0778
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@Goutam5196, kudos for the trade .. n the credit goes to u as trading is 20% analysis and bal 80% is phycology .. keep trading n keep winning
ckirtane
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nifty closed above first resistance 11850,will second resistance 11920 halt nifty or try to catch 12025?
raj0778
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@ckirtane, frankly speaking, after 15 Oct, the patterns have been really confusing.. i yesterday was the eight inside bar of the 15 Oct bearish candle .. perhaps one of the longest streak of inside bars have ever seen .. till now Nifty has not given either a breakout or breakdown below the levels of 15 Oct .. I personally feel that 11920 may be tested today n would prefer to take trade based on price action from there .. if Nifty takes resistance then would short with tgt of 11820 n if it breaks would go long with tgt of 12025 .. however, this would be only an intraday call as any positional longs or shorts shall be taken once nifty breaks the levels of 15 Oct n thats the key