selvamgeetha

BULLISH OR BEARISH WAIT TILL FRIDAY

NSE:NIFTY   Nifty 50 Index
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2
Nifty finished its correction of ABC Waves from 9119 to 6826.and this correction is exactly 50% of its
previous rally from 4628.
Now the shortened 5th wave rally namely X Corrected exactly 50% at 7893.
We are in a critical juncture at least for a week.
the chart clearly explains what to do next
Comment: SUPPORT LEVEL ALTERED TODAY ; nifty reached its target 8275 today at 2pm.NOW its time for 5th wave down.
first target of wave 5 is 8203,8160,finally 8085.
if nifty gets support at 8085(previously it was 8025),buy .otherwise if it brokes 8085 more pain
Comment: A WAVE ends at 8430 those who are long can book profits at this level.today resulst
season begins .if 8431 crossed we may have extention of a wave till 8685.lets wait and see
Trade closed: target reached: cover all longs near 8430 ,don't keep longs,sharp declines can be possible from this level.nifty p/c ratio 1.34 ,still fii selling no reason for bullishness.

Comments

can you let us know whats the rationale/logic of 8025 level ? why can't be 8000 or 7950 level considered?

Reply
@neneram, fine I expected some chatting reg my view.
8025 is the level where 5 wave has to end for upcoming bull run.as per Elliot theory if wave 5 extends that mean goes below 8025 we may see a free fall
Thanks for your query
Reply
neneram selvamgeetha
@selvamgeetha,
Thanks for response , Since I don't follow Elliot ,Can you throw some light on What's the target below 8025 ? ( in case if it breaks below it )
Reply
@neneram,

7893 first target
Reply
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