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
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13:30 Hrs 1st Nov2016
Trading@8662
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
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13:38 Hrs 1st Nov2016
Trading@8663
Nifty is struggling to cross 8670 -likely it will test the support zones downside
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13:59 Hrs 1st Nov2016
Trading@8666
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.
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14:19 Hrs 1st Nov2016
Trading@8655
The magic of 8670 -Struggling Level as suggested in above update. I will wait to see further price action
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14:31 Hrs 1st Nov2016
Trading@8632
Not buying any more -not looking good for bulls at the moment
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14:39 Hrs 1st Nov2016
Trading@8629
Market gives sometimes very less time to even think can't help but did my best updating at highs of 8670.
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15:27 Hrs 1st Nov2016
Trading@8619 Support trendline do not forget - we need to see whether it holds
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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.
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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.
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10:50 Hrs 2nd Nov2016
Trading@8532
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.
Comments
SohilShah
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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!
WaveTalks
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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
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thank you, makes sense shall w8 for ur counts on the charts thanks
ShanTrader
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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 !!
WaveTalks
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Yes. Global Event is standing exactly outside of our door- can expect a ring anytime.
ShanTrader
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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
muralipochem
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Thanks Abhishek. Your frequent updates will give insight to the people like us..Please keep posting your thoughts and updates.
WaveTalks
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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
VimalVashisth
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Thanks n okkk next time in bharti I will ask
VimalVashisth
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okk pls tell bhartiairtel tgt bec i m holding one call option 318 price i purchased