Nifty- Bullish Harmonic + Polarity Resistance

NSE:NIFTY   Nifty 50 Index
B-Swing Low@8650-8655 of the bullish harmonic pattern is also the polarity reversal zone as well, which acted as support & now acting as resistance in current scenario.

What is the Polarity Reversal Zone ?

When one level acts as support turns its role into resistance that zone is known as polarity reversal zones- so in our present case zone of 8650-8655 acted as support & gave B-swing low & now in the current scenario -it is acting as resistance zone so we come up with below mentioned trading strategies.

Trading Strategy-1
So, Likely, If Nifty dips, but remains above 8609 or the trendline passing through 8612 -8615 supports nifty then with strict stops below 8609 which is 8608 -Nifty likely should go in the range of 8715-8725.

Trading Strategy-2
Nifty Going Above 8655 & sustaining above 8650 then longs could be built up for target zone 8715-8725
Trade active: 13:30 Hrs 1st Nov2016


Trailing Stops to cost @8650- safe traders & risk traders to hold with strict stops at 8608. Incase price goes below 8650 then we will see if nifty holds in the zone 8635-8640 for upside targets
Trade active: 13:38 Hrs 1st Nov2016


Nifty is struggling to cross 8670 -likely it will test the support zones downside
Trade active: 13:59 Hrs 1st Nov2016


I have never said its a down call or short call to clear confusions- please do understand - I still favor the bull side till 8609 is taken out downside else I will look at every opportunity to buy & most important it is struggling to cross the 8670 mark for a long time so I said pullback could be possible not a short call.

Have you seen a rubber band it is pulled back to shoot higher or reach farthest distance.
Trade active: 14:19 Hrs 1st Nov2016


The magic of 8670 -Struggling Level as suggested in above update. I will wait to see further price action

Trade active: 14:31 Hrs 1st Nov2016


Not buying any more -not looking good for bulls at the moment
Trade active: 14:39 Hrs 1st Nov2016


Market gives sometimes very less time to even think can't help but did my best updating at highs of 8670.
Trade active: 15:27 Hrs 1st Nov2016

Support trendline do not forget - we need to see whether it holds

Trade active: 08:12 Hrs 2nd Nov2016

Last Price@8626

Nifty had a sharp fall from 8670 in yesterday's session so bulls need to be careful & can look to buy if the trendline connecting 8612-8615 holds or going above & sustaining 8650 which is psychological level-can also be looked as buying opportunity.

Bears or sellers can look for breach of 8580 -once broken can look downside, but target zones could be 8540 -8500 & 8480- let us wait watch -how it plays out for the day.

Trade active: 10:00 Hrs 2nd Nov2016

Update on 14:31 Hrs -----"Not buying anymore -not looking good for bulls at the moment" at price@8632

I wrote this in a very clear manner- "not buying anymore" at 14:31 Hrs

The market opened gap down- I am still looking for one upside move in the range 8850-8900- otherwise "Nifty--Can this dream turn into reality" update- shall remain incomplete.

Zone of 8480-8500 is a very strong zone- likely can hold the current fall, but still have no confirmation- for which I will wait for markets to give me green signal.
Trade active: 10:50 Hrs 2nd Nov2016


It is moving in sideways manner after opening gap down likely some bit left on downside & possible attempt for 8500-8510 can be expected -post that we will be looking for a bounce in impulsive manner.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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hello Abhishek, past 1 week or so you were long ! it fell today was this expected? did you learn anything from mistake can you please share!
Yeah, It was expected -I updated this very clearly in above short term updates- " at 14:31 Hrs - Not Buying Anymore- Not looking good for bulls at 8632" & infact I also updated the top@8670 -fortunate to know that something was wrong. -Long term I am still bullish for one leg upside, but short term we need to play with market ups & downs -which I did & took short between 8640-8650. So, likely it could be W-X-Y sequence from lows@8506 & later current fall at 8550-W - Pushed up in X-Wave@8670 & Fall in Y-Wave as of today i.e. 2nd Nov2016- which completes most likely B-wave of the correction & C-Wave Pending on upside- 8850-8900 zone -let us wait & watch the Global Event which is next week. I shall be coming with new update as soon as I become clear on structures. As an elliottician you should never stick & be adamant that market will move up only - then you are giving room for the biggest enemy -emotions- which can kill a trader. So, always have Plan -B ready if Plan A-fails. Likely in our case our plan has not failed it has changed its course or route when everyone starts predicting on one side- This is how sharks eat small fishes or traders who do not care & take it lightly.
SohilShah AbhishekHSinghCMT
thank you, makes sense shall w8 for ur counts on the charts thanks
Excellent chart work as usual. Volatile day but did manage to pick up a few point going up and then a few short on reversal. Thanks for your valuable guidance . This market is going to get more volatile from hereon and not for the faint hearted !!
Yes. Global Event is standing exactly outside of our door- can expect a ring anytime.
ShanTrader AbhishekHSinghCMT
Absolutely, expecting a move below 8600 tomorrow and perhaps back to the D range of the Harmonic. A volatile trading day tomorrow. May be fast without an opportunity to short
Thanks Abhishek. Your frequent updates will give insight to the people like us..Please keep posting your thoughts and updates.
AbhishekHSinghCMT muralipochem
Yeah, I always try my best - you can expect my update if I am online, else- if no updates then likely I am not in the markets. Regards
Thanks n okkk next time in bharti I will ask
okk pls tell bhartiairtel tgt bec i m holding one call option 318 price i purchased