Go long on Nifty

Jul 21

Refer to my earlier publication on Nifty Trajectory wherein I had mentioned that Nifty is undergoing a correction in the form of a Flat and had correctly predicted that wave C got completed at little over 1 x of Wave A and that one may consider going long on Nifty (May - June consolidation).

Further to this, Nifty completed its first order impulse wave on 1 July and has been undergoing correction in the form of a zigzag. Wave C in all probability is complete at 0.618 fibo extention of wave 0-3 to 4 as given in the charts.

One may consider long position on Nifty with stop loss below today's low.

Jul 22

Trade active

Considering three candle gap downs following formation of wave 2, there is a 50% probability that the last low (i.e. 24,882) could be wave 3 as against wave 5. If this is the case, Nifty could touch last lows (24,882) or make a higher low. I will post the possible scenario in the comments section. Hence maintain stoploss at purchase price or 24948 whichever is lower.

Jul 28

Trade closed: stop reached

Closing the trade a protective stop was hit