Nifty had a sharp impulse to downside in five waves from the top as Wave A. Now we can anticipate a corrective rally to 11,100 ( sub wave 4 region) as a correction since we had upward push in 5 waves on lower time frame.
So, Once the B wave correction is complete at 11,100 region, there can be next series of push down to 9500 level ( levels to be identified later on as the upward correction finishes)
Note :61.8% retracement of last fall from the high align in the same zone-- The zone had nice fib confluence.
Trading Plan 1 :
Long entry @ Mkt by keeping stop below previous low and aim towards 11,100 zone.
Trading Plan 2 :
Look for short opportunity once the corrective upward move finishes - will updated later on.
Trade with care
join if u see any impulse to upside and keep stop as suggested earlier.
if price pushes higher, we could see a C leg of correction which wl be impulsive ( 5 waves)
wave counts on short time frame to be re-checked ( current move looks like part of 5th wave) -- will update later when i see low risk opportunity.
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