Nifty- ABC or 123 Move-Same Result-Upside

NSE:NIFTY   Nifty 50 Index
471 1
From the lows@8506 to 8698 -yesterday Nifty retraced till 8636 & gave a sharp bounce till 8688 & falls to 8656 back again. Likely it's a correction going on & contained in the channel. I am not relying on the channel much as it very premature to even guess what kind of correction will shape up.

So, Likely we should wait for highs@8698 to cross for taking long positions.

Trading Strategy
Once it crosses 8698- Momentum should be good enough to move beyond 8698 for targets 8740-8750 & traps could be possible if Nifty goes beyond 8698 -travels to 8710-8720 & falls below 8688- In that case it will become a complex correction- which has to be inspected again. So, once it crosses 8710- risk point-8688 should be protected
Trade active: 11:55 Hrs 20th Oct2016


Session High- 8726

Likely looks like irregular correction as expected in morning so pullback could be expected

Trade active: 13:02 Hrs 20th Oct2016


Session low@8678

Looks like it was small correction -going above 8700- no selling as market was doing pullback in uptrend market.
Trade active: 13:56 Hrs 20th Oct2016


Not sustaining above 8700 - Not looking good for bulls
Trade active: 07:20 Hrs 21st Oct2016

Good Morning All,

From lows@8507 -it is still not clear what structure it is -could be A-B (unfolding) C wave ahead or 1-2-3. Most Important of waves is you should know where are you wrong. Likely we should wait for some pull back & then look to buy or going above 8726 for an up move.

Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
sir from 8726 on 15 min chart there are 5 waves down, is it possible that correction wave c is over and now possibility of uptrend starts?
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