Elliotical approach to Nifty 50 Short.
Updated
Hello Traders!
1. The previous count wasn't respected by the market. So we had to check for a new count. After re-analysing the Nifty 50 market, we realised that it is the Wave C of the correction that is in progress.
2. We have a major support of 15300. That's where we expect the market to be soon. An overall fast, impulsive movement.
3. The only unknown factor we have with us is time. The C wave can also end up being an ending diagonal or could just be a simple impulsive movement. Only time will really tell us. All we know for sure is the market should take a deep fall at least till the range of 15300.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
1. The previous count wasn't respected by the market. So we had to check for a new count. After re-analysing the Nifty 50 market, we realised that it is the Wave C of the correction that is in progress.
2. We have a major support of 15300. That's where we expect the market to be soon. An overall fast, impulsive movement.
3. The only unknown factor we have with us is time. The C wave can also end up being an ending diagonal or could just be a simple impulsive movement. Only time will really tell us. All we know for sure is the market should take a deep fall at least till the range of 15300.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
Note
The NIFTY market has shown expected behavior. We are coming to one of the previous supports of the market at 16750, where some consolidation and up move is expected before again continuing the impulse down.Note
The NIFTY market has been moving accordingly. If the market is able to sustain itself again at 16800, we can see some more upmove to 17300-17400. And until the market clears the 17300 resistance, it is intrinsically bearish. Plan your trades accordingly.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.