Nifty : It's time for Breakout Baby !
Updated
Asking Right Questions leads you to Right Answers ! So here I have 2 Questions :
(i) 8500's supported 6 times, Will it Break to make the Gap Theory Work ?
(ii) Elliot wave counts within Triangle shows Upside Breakout, will it work this time ?
Yes for Ques(i) opens the door for Bear party near to 8k's & if yes for Ques(ii) Opens Door for Bulls to reach 9k's. Now it all depends on which side the triangle will give breakout. Most of the times we get false breakouts from triangles and reverse other direction so proper stops n trademanagement is needed when trading breakouts.Moreover, We are on Daily Timeframe which means don't expect the Breakout in the next second itself. It may need a Week or two for the breakout & a strong news event trigger to move Nifty in the breakout direction. Elliott wave counts within Descending tiangle on Bullish trend indicates upside breakout but let's see how it goes & what Nifty decides !
We have few events like U.S elections, Fed & Global Markets reaction for Fed & U.S elections. These are the factors which are effective on Nifty from Global perspective( we are not discussing about Indian Economy, as R3 said "We are One-Eyed King in land of Blinds" ). Bcos of the euphoria around these news events Market participants will get crazy & Breakout happens then real money comes in which will be direction decider making the Breakout valid or invalid.
Lets see how wild this Breakout can be !
Be the Bull & Be the Bear...
Insider B
(i) 8500's supported 6 times, Will it Break to make the Gap Theory Work ?
(ii) Elliot wave counts within Triangle shows Upside Breakout, will it work this time ?
Yes for Ques(i) opens the door for Bear party near to 8k's & if yes for Ques(ii) Opens Door for Bulls to reach 9k's. Now it all depends on which side the triangle will give breakout. Most of the times we get false breakouts from triangles and reverse other direction so proper stops n trademanagement is needed when trading breakouts.Moreover, We are on Daily Timeframe which means don't expect the Breakout in the next second itself. It may need a Week or two for the breakout & a strong news event trigger to move Nifty in the breakout direction. Elliott wave counts within Descending tiangle on Bullish trend indicates upside breakout but let's see how it goes & what Nifty decides !
We have few events like U.S elections, Fed & Global Markets reaction for Fed & U.S elections. These are the factors which are effective on Nifty from Global perspective( we are not discussing about Indian Economy, as R3 said "We are One-Eyed King in land of Blinds" ). Bcos of the euphoria around these news events Market participants will get crazy & Breakout happens then real money comes in which will be direction decider making the Breakout valid or invalid.
Lets see how wild this Breakout can be !
Be the Bull & Be the Bear...
Insider B
Note
If you are looking for chances to enter, Risky entry is here. Its potential triangle bcos triangle is yet to complete...
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