The US markets " MAY " have BOTTOMED out as of LAST NIGHT...... and if they have there is going to be a LETHAL upside move to capture 4800 on the SnP by Dec 2023 end apprxx. In this Euphoric RUN UP of the US indices................. Many a player in the INDIAN MARKET will go LONG looking at the upside moves of the US market. I am now making a CONTRARIAN CALL.... for an extremely short time say 30 days apprxx.... wherein The blue arrows making the TOP of the waves DO NOT have any structure to them. Except on a HOURLY chart where you can easily see the upside as 12345 and the downside in ABC..... on a DAILY chart....... I just dont see the upside/downside structure yet. This COMPELLS ME to say this to you all. Do not be OVERTLY blind in your Long positions on NIFTY/Bank NIFTY. Take it easy for a while. I think this wave UP is only a RETRACEMENT wave. I have shown you all the ABC structure that should play out as I SEE BEST.
Comment:
The ONLY other possibility I see is this. Nifty has done A....... B waves are known to break above TOPS and the fall for a DEEPAR CORRECTION...... I am not saying we will fall...... But I am advocating this........... BE CAREFUL