So basically here, Nifty has turned upward just a day before the turn date of 2nd Feb. And is now all set for all time high in the month of Feb itself. People who followed me last year will remember that last year in June I had said Nifty will be bullish till Feb and will after that enter into recession. Same is playing out here.
Next turn date is 6th Feb, and first target is 8883.
SGX Nifty is at 8704 and is 35 points down, and provides an opportunity to go long at the opening. Stoploss could be maintained at 8650 NS initially, later we will raise it.
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Go long at the opening, Nifty will be very bullish and is ina hurry to cross ATH.
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ATH = All Time High, which for Nifty is 9120 approx.
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Market today is sideways, its resting today in a tight range as it has seen a strong upmove yesterday. But will go up sooner or later.
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Please carry forward.
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3 Feb Morning Update
If you press the arrow button on the right side of the chart you will find that Nifty was resisted at 61.8% Fibonacci projection level. As turn date is Monday 6th Feb, 2 more trading sessions to go, next two expected levels are 8809 and 8883.
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Those who have not yet tasted Timewave, there is an opportunity to go long today at 12:38 with stoploss at 8650. targets are mentioned above.
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Nifty might skip Monday as a turn date and go for the next one, please continue to hold patiently and carry forward .
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@Basty - what a turn date means - Nifty can possible change direction only on a turn date and not before. Whether Nifty will actually change the direction on a turn date, depends on intraday waves or short term waves infolding on that. So when I say Monday is a turn date, it means Nifty may or may not change the direction on Monday, and it will be confirmed on Monday by using intraday/short term waves on that date.
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Before big moves market always remains in sideways mode. TAs call it bolligerband squeez.
I am sorry but I cannot understand what turn date means...Is it the date on which target will be achieved or the date when nifty turns it course ? Or something else?
Basty
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You expect the targets to be accomplished today itself ?
@pankajvw, @Basty Nice wotk Pankaj. I also think 8803 to be a minimum target on monday... but only if nifty can make 8758 today... hope it makes. let's wait and watch
sudhakar.bng93
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@pankjvw
amazing time wave Pankaj... Hit my 8758 expectation... so rest will be taken care by your time wave i believe...