Waves have been marked on chart for easier assimilation .. As per counts, it appears that wave (i) of Wave 3 and its corresponding corrective wave (ii) r complete .. The fall that was witnessed appears to be wave i of wave (iii) .. same was followed by corrective leg pulling Nifty to approx 11660 levels in a 3 wave pattern n the same has been marked as wave a .... Expecting Nifty to take resistance from the first resistance zone (marked on chart) n fall till the second support zone marked on chart in a 3 wave pattern (choppy movements)...From there Nifty should rally to retest the first resistance zone .. How much of these movements happens on Monday shall depend on VIX ... Bottom line - Nifty is bearish, rallies are opportunities to short
Note - views expressed are personal n for educational purposes only. Consult your financial advisor before trading instruments
Note - views expressed are personal n for educational purposes only. Consult your financial advisor before trading instruments
Comment:
Nifty may try to trap ones on the short side by opening gap down, somewhere around 11590 - 11600 .. will take resistance from the zone and fall till 11530 only to rally up till 11650 from there, thus trapping people on short side .. stay cautious