EW Labelling :
Primary : 3.1 is completing - critical supports around 8700 and 8550 levels
Alternate : Correction in a form of a triangle with D wave going on.
Clean negative divergences in 9, 14 periods and ( Slow and Fast ) indicators.
Stoploss = Weekly close above 8960.
I believe you are from JN :) :) as well. Below is my weekly view posted in IIF google group. Have been posting on this google group for past 3 years for each week, month and day.
For the week gone by : Price continues to close above 5 week high ema - uptrend momentum continues. A bear candle after a series of 5 consecutive bull candles but maintains a higher high and higher low compared to prior week. Intra-week falls are an opportunity to buy into as long as price holds critical support range of 8827 to 8787 levels. Strong resistances between 9045 to 9085 levels.
Sustaining above 9065 on weekly closing basis , price will target 9250 levels for the month ( while keeping above above mentioned support range )
For the day , a hammer candlestick patter after a bearish engulfing pattern. Closed below 5 day close ema...turning the trend to DOWN. Higher timeframes continues to be uptrending, while corrections / consolidation in shorter timeframe. Once exhaustion sets in, higher timeframe should "assert" the trend. Another NR7 day. Expect range expansion in next 2 days.
Minor resistances for the day from 8911 to 8931 levels.
EW : Aggressively a sideways flat correction seems to have ended at today's low as 8982 to 8868 to 8992 to 8860.
Yes! m from JN family :). Good to see you around. M not aware bout IIF google group, plz share the link, so I'll also join there. Yea... its a buy on dips market as higher TF's closing is above 5Hema. My worry part is BN, which is closed below 5Hema on week. Staying below, it can TGT 5 ema, 5lema. If that happens then nifty will also fall down eventually.
Its just a thought. M purely 10SAR follower, not really banging my head on many things. But views like urs, Sirs does help a lot for aggressive trades sometimes.
I would like to share my obseravations here. Up to you to take the trade with appropriate stoploss that fits your risk appetite.
Disc : I am holding Nifty Future longs from 8760 levels and looking to buy 8900 / 8800 March PE with SL = Weekly close above 8960 levels.