Going Forward 8704 -is crucial which I have been putting all in my updates.
But yes -It was awesome to trade X-Wave right at the top@8835 for Target 8765-8775 in 16th Sep2016 session - XWave was an irregular flat & the wave which we entered at top@8835 was C-Wave in X-Wave - C-Waves have similar personality to 3rd Waves- which are know as Wonder Waves.
Abhishek H. Singh, CMT
Boring Day for Market -Nifty caught up in 8800-8820
Nifty again falls from 8820 highs - Trading at 8808
Last fall, which we traded at 8835 for targets 8765-8775 - I took this as an X - wave -seems this X-wave is yet not complete & possibly shaping out as a triangle in an X - wave, but too early to comment anything -likely if tomorrow as well, if we don't see any movement then it will confirm more chances of Triangle-which will give us Y-Wave Thrust on the upside but don't mistake for big longs - it will eventually turn down again retracing & going even below 8689 - Action on both sides could be expected & Thursday could be more volatile day. The thrust if at all happens should carry close to 8900 -8920 zone - if by any chance it goes beyond 8920 & closes -then we will open up for upside again.
X-wave is still not clear -what is it & it will be too early to say anything -let say it goes below 8750 -then this structure is spoiled & no more X-wave as triangle - so 8750 should be intact tomorrow -there should be some consolidation tomorrow as well as I can see only 3 legs -if at all its a triangle it should have 5 legs -2 more legs to go & should be silent movement- Then whole picture will be clear.
As expected looks like a d - wave is running so it should neither move up sharply nor it should move down going below 8759 -this will ensure that triangle is an information -likely we should see an e - wave above 8759. Main Support is 8750.
Nifty at Trading Close to 8759 at 8764- Break of 8750 shall put pressure but keep in mind till the time it breaks 8690 - once should book profits & likely to see up again
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
So it won't be e-wave if it breaks 8750 - that is critical level for triangle assumption -I was taking sharp fall from 8835 to 8750 as a-wave.