USDJPY (UJ) keeps my hope alive that Nifty could see the required bounce.
UJ connection to Nifty- Opened & Moving as expected
Expecting 104.60 from the 103.50-103.60
Line of symmetry studied in school days -have a risk of 3-5 points more from 8699 A- wave high
Looking for target 8650-8652
This is an extremely risky trade -I don't expect anyone to trade other than guys who can afford the risk involved in this trade.
These are key observations.
We trail the stop loss to 8699 which is current session high & entered the short trade@8693- shall lose 6 points or gain 40 points.
Reducing my risk to 8695 just 2 -3 points - we will exit & wait at sidelines if trades above 8695.
So many of them are putting stop losses above 8700 that sharks always looking to reduce them- that is the reason it spikes but not holding above 8700 is worry for bulls in current scenario.
A sharp fall from 8690-8700 zones was expected -just went upside to eat the stop losses as mentioned above
Fall from 8737 to 8664 looks like A -wave done & the pull back from 8664 to 8700 was B-wave & current leg likely to be C-wave which can get support close to 8650-8655 & below that 8635-8640 -These are possible zones where Nifty likely to hold & then let us see what shapes up.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ