From 8689- could be A-B-C for "iv"-wave done & we started 1st wave of 5th downside made a low@8750 approx OR it could be A-B-C as W-Wave & we had a fall to 8750 approx giving us X-Wave
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.
Regards, Abhishek H. Singh, CMT
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09:20 Hrs- 19thSep2016- Avoid Taking long positions if it doesn't sustain above 8810 -atleast for 2-3 minutes in that case as well we will likely see till 8845-8850 which is major hurdle
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10:22 Hrs- 19th Sep2016 - Zone 8800-8820 likely we will watch -some resistance coming -I will suggest -Let this area be crossed with strong momentum otherwise not looking a good idea for longs.
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14:45 Hrs- 19th Sep2016
Boring Day for Market -Nifty caught up in 8800-8820
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15:10 Hrs 19th Sep2016
Nifty again falls from 8820 highs - Trading at 8808
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18:45 Hrs -20th Sep2016
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.
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21:30 Hrs 20th Sep2016
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.
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09:53 Hrs- 21st Sep2016- God Morning-
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.
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14:20 Hrs- 21st Sep2016
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
Comments
uttamtrader15
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Are you going with scenario as mentioned... of wave(iv) can wave iv retrace so deep Abhishekji?
WaveTalks
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No it could be A or1 - B or 2 -which is still in progress -let us see how market pans out in coming sessions.
DebuRoy
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thanks
WaveTalks
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Welcome
uttamtrader15
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Sir its no more forming a triangle , what is other alternative?
WaveTalks
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No- It still forming a triangle turned from close upside 8820-8825 zones
WaveTalks
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Now we will become more sure if Nifty starts moving back again above 8826 or day's high
uttamtrader15
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So ie wave e complete....
WaveTalks
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It's very confusing at the moment - One thing I was sure not to go long unless we see a good strong move above 8820-8825 zone. Now what shape is it -sometimes I also get confused you know at times there so many patterns I keep jumping from one to another -who cares until we do proper risk management & keep on right track.
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.
nirav5
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If as per you y wave comes into the play tomorrow, the gap at 8857 to 8860 can be used as the first target.