The bears got trapped through FBI at 8400- which was surprising for bears & they got squeezed in today's session as well with most of them putting stops above 8550- Market travelled marginally above 8550 & made day's high@8559- finally to close at 8543.
We are standing close to very important global event outcome- U.S. Elections which everyone might have set their eyes- Hoping for Hillary or Clinton- So what's in the box- time can let us know better, but as an analyst- let me put what I see next
If Hillary comes out of the Box Likely -Index will witness another gap up move which could make it travel 161.8% of the initial move from the 8400 to 8535 which comes in the zone 8690-8715 zone.
If Trump comes out of the Box The index could leak below the double bottom 8480 levels & travel below 8400 marks as well in coming session.
Trading Strategy Protecting double bottoms in the zone 8470-8480 zone is important for having bullish bias & Hillary as an outcome of the major event
Whereas Leakage of double bottom zone- shall be the result of Trump outcome.
Let us wait for the outcome.
Trade active
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7:53 Hrs 9th Nov2016
SGX Nifty Down -270 points. Markets are going to be tricky. Going Above 8550- They forced bears out & today if the market opens gap down- bulls are trapped.
Trade active
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8:07 Hrs 9th Nov2016
Dow Futures 400 points down. Trump Leading in the current outcome scenario.
Trade active
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14:33 Hrs 9th Nov2016
Last Price@8468
Bounce from 8000 -todays low can be C-Wave so likely can touch 8850-8900 zones as expected earlier- we need some pullback to go long for few sessions atleast till 8850-8900 zones- Then we shall decide later.
Trade active
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14:37 Hrs 9th Nov2016
Last Price@8466
Do not hurry in the trade - we want some pullback from current highs of 8475 to enter.
Comment
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14:48 Hrs 9th Nov2016
Last Price@8421
Prices are falling so fast -seems like a joke
Trade active
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14:58 Hrs 9th Nov2016
Last Price@8410
Recent fall from top@8475 to 8396 is very impulsive & not looking as pullback so that suggest expecting any longs in current scenario shall be risky. If it starts moving below 8350 -then we get some confirmation bears are still active.
Trade closed manually
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15:26 Hrs 9th Nov2016
Last Price@8460
Closing & Need a break as price structure is very confusing. Let me come back later
Comments
InsiderB
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Markets are just going to be Fun today bcos of Notes n Votes events, Nice predictions :)
ShanTrader
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Thank you very much for the simple and clear explanation. I guess tomorrow 9th Nov will be a up-down day for Indian markets and Thursday will be gap up / gap down day , due to time zone differences.
WaveTalks
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Can't say. Time Only can let us know- what is stored
ShanTrader
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Of course Sirji. The market ultimately rules. One indicatior is the USD INR rates. The rupee has strengthened around 35 paise which is huge and normally is good for our markets. But as you said.....time will tell what is in store for us tomorrow.. all the best.
ShanTrader
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What a day !!!! What a Day !!!! As you said Time only can let us know what is in store.
Can you believe the Bank Nifty actually travelled more than 2800 points up and down today and closed in the positive !!!!
WaveTalks
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That was amazing
dev_trader
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I really appreciate the way you explain the things. Thank you :). In case of Hillary, and gap up, could you suggest what will be the entry point for long? Can we expect 100 points gap up i.e. 8650 on tomorrow opening.
WaveTalks
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Incase its Hillary- sentiment is positive across which will possibly travels gap up & normal distance which it will cover is 161.8% of the distance measured from 8400 lows to 8535 highs- projecting it from bottom@8480- which gives the zone 8690-8715- That should be the minimum distance it travels in 3rd waves.
dev_trader
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Thank you Abhishek.
vijay73
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First I have thank to Bro. Abhishek ji.... very good effort ... My option Nifty Down side A Wave Completed... Now Upside ABC May be 8740 or else 8800 - C Completed -B Wave.. Then Down should be 7700 -7600 Levels possible..C Wave.. Let see