NIFTY dips. for NSE:NIFTY by Swarnendu_Mitra

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Go long with 11570 CBSL (Day candle close below) . Target ATH .

If SL hits, attempt another long near 11500 with 11480 SL touch basis.

Final SL for long is 11420 touch.

NIFTY remains bullish as long as 11420 is intact.

Short the bounce only after 11420 is taken out for target 103XX/102XX.

Trade active: 11570 CBSL SL intact, but modify it now to 11490 touch basis.

Sell the rise if 11490 is taken out..

Trade closed: target reached: ATH done. Now let's go for swing short

Comments

From 11070 please share the whole count. Regards.

amitavasaha

@amitavasaha, W1-11090-11321. W2 11321-11189 (via irregular B)

W3 running from 11189 as shown in the current chart. It's not clear whether 3.3 or 3.3.3 completed at today's high. So, this count remains valid till 11420 is not taken out..
If it's 3.3.4 down, low done or expected to be done at 11562, valid up to 11482. We'll get another dip from 117XX.

If it's 3.4 down, may or may not go any lower than 11562, valid up to 11420. Next target 118XX.

Below 11420, it was actually B wave up, target will be 103XX/102XX.

Swarnendu_Mitra

@Swarnendu_Mitra, wace 4 still seems valid considering 11490 today. Else a complex possibility. Though for wave 4 it us really dip.

Swarnendu_Mitra

@Swarnendu_Mitra, below 11475 perhaps 4 will be invalid.

Swarnendu_Mitra

@Swarnendu_Mitra, Sir, also, happy diwali, Kali Pujo, and thanks for reply timely. I was late in response being irregular. My apologies.

amitavasaha

@amitavasaha, @amitavasaha, Happy Diwali bro. Yes, it seems C4 or C3.4 or C3.3.4 did WXY correction till 11490, fibo levels also matched perfectly. Anyways. Below 11490, I wouldn't consider that an internal W4 is doing triple zigzag, so I'll consider whole count invalid, upside done and time to enter swing short.

A daily close below 11570 will be time to cut long position and wait to see whether 11490 gets taken out also.

Swarnendu_Mitra

@Swarnendu_Mitra, agreed

Swarnendu_Mitra

@Swarnendu_Mitra, dada any update of the counts?

amitavasaha

@amitavasaha, Short NIFTY with SL above today's high. And send me your email ID if interested, I'll add you to our slack group. Don't worry, it's a group of amateur traders and it's absolutely free.