As expected, Nifty opened gap up today, completing wave 3 of lower degree, as marked on the chart and that was all that happened today.. Being expiry day, Nifty kept correcting the entire day and still couldn't manage to finish of the correction till EOD. As marked on the chart, last leg i.e wave c of Y couldn't complete .. View for tomorrow remains to be bullish ... Expecting Nifty to cross 11600 levels .. However, a word of caution as mentioned yesterday also ... 11617 plotted as red dashed line on the chart, is vital for this rally to sustain ... Nifty must cross this level and sustain above it for atleast 15 minutes.
Note - Views expressed are purely personal and solely intended for educational purposes. Same may not be used for trading instruments
Sgx NIFTY is down 150 points.. what do you believe is the level or stop loss for tomorrow which would cancel this idea just in case?
raj0778
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@zeeshanshadab, Just watch out for the wave iii which completed today n has been marked on the chart .. calculate it’s 50% from start of wave ii .. if Nifty opens gap down below that or opens flat n falls below it, consider the idea to be invalid in all probability
raj0778
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@zeeshanshadab, also do watch out for wave 5 failure (below 11617) .. it may result in a deep and rapid correction till levels of 11350