Nifty in long term has completed its upward journey on 6th Jun 2017, which started from 26 Dec 2016. Please see the chart below.
This long term wave will end in Sep end this year. It will just retrace the previous wave.
The medium term wave which started from 6th Jun is about to end tomorrow or day after. Please see the chart.
The plan is to go long for next few sessions once this MT wave ends. And then short from there.
Good Morning All!
The Nifty is very tightly range bound, one day 70 points up-move ( 40 points of which were eaten away in gap-up) does not constitute much! Don’t get excited by such intraday up-moves.
Also, Nifty is going to be sideways till Monday next week, with some upward bias. Nifty had a possible MT target on Wednesday tomorrow, but it will now be skipped, and the next medium term wave (which will start from Monday 26th ) is also down.
Please stay out of the market currently. If you can, you can sell OTM options – both call as well as put.
This post is now being followed at: