NIFTY
has been trading in very restricted range for last few quarters. The arrested wave has been creating complex corrective structure in 3-3-3-3-3 triangle (looking like megaphone) sideways denoted as A through E. With all subwaves printed it's very evident that its last leg of megaphone towards 10430 region. The last leg of triangle also conclude the complete corrective structure of wave 4 and will follow with fresh advance for making new highs above 12500.
I'll be reviewing this chart very closely with regular updates. Follow this chart closely and if any questions or clarification please do not hesitate to approach in comments. Other Elliottician , I'll be happy to get peer reviewed the counts with follow on discussions.
Happy Trading
Robus
Comment:
There is alternate count for these chart. Bear case towards sub 10k levels
Comment:
We are in sideways for now in 11250 - 10900 range.
Comment:
It was amazing breakout from the downward channel but I still suspect that all is not done. This was more off short covering with new longs and would wait for any indication of reversal to upward trend. Anything beyond printing 10700 would suggest new high of 12500ish
Comment:
Slowed down. Expect profit booking here towards 11800-11600 range.
Comment:
Approaching the fib levels. Time to book profits
Trade closed: target reached:
Missed 12500 fibs by 100 points. I see the bottom at 9900. Good Luck.
Comment:
Wow breached 9000 like a cake
Comment:
6500 is 50%. Watch those levels
