Nifty: Confirmation for Trend Reversal -- 9676

Nifty juuuust kissed the levels 9530-9550 (touched 9560), mentioned in my earlier post ( refer

) before jumping out of the downward sloping channel with a breakaway gap.

Views on the downside:
On a personal note I expect some more twists and turns still left to be unfolded on the downside, we may call it consolidation or shake off. A close and continuation below 9610 does not seems to be good for the markets at this point.

Views on the upside:
The above hypothesis will be negated if a "specific level" is crossed.

What is that level? or At which level one should be positive? 9676 level (consider it a zone)..u call it the 'b' wave high or an x'. Also notice that the current up move ended at this point.

However, I would not simply jump and chase whenever this level is crossed. I would rather wait for pullback or a retest.

Strategy: If Nifty stays above 9610, the strategy hereafter would be buy the low and sell the high. Below this level I would be cautious and watch carefully the market behavior near 9580-9560 levels.

Trade safe, stay healthy
Thanks.

Comment:

The upward sloping thick green lines on left and right are from the broader channel which nifty has been following since April. And the green rectangle at the bottom is 9530-9550 support zone.

Comment:

As Nifty crossed 9676, the down wave structure is now broken. Simply jumping onto this breakout could be a low probability trade. I would rather wait for pull back in to the high probability zone, which at present would be 9640-9620.

#Remember that this zone would drift higher in relation to time.
#This is my trading plan, you should definitely follow any other trading plan if that has been consistently giving you profits.

Thanks

Comment:

In low risk zone.