Nifty- Bang On for Trading The Triangle

It's a triangle which we traded & trading a triangle is extremely tough but fortunate enough to figure out correctly, so entered at 8580 & exited at 8635 in the c-leg which completed

When we break 8540 -we will surely go down so let us wait for Monday 3rd Oct2016.

Regards,
Abhishek H. Singh, CMT

Trade active:

09:41 Hrs 3rd Oct2016

Gap Up Opening - Ok We open upside for the short term. I shall update once picture becomes little clear

Trade active:

09:55 Hrs 3rd Oct2016

8700 was a good target on upside now we will look to buy if it retraces in the zone 8630-8645 zone

Trade active:

10:20 Hrs 3rd Oct2016

Trading@8712
Do not jump on the calls looking that Nifty is running -you should wait for retracement which will give an opportunity to buy.

Trade active:

10:27 Hrs 3rd Oct2016

Likely An Area of 8722-8726 could give temp halt to Nifty This will be 261.8% of lowest degree wave which started from 8555 bottoms

Trade active:

11:10 Hrs 3rd Oct2016

High@8727

Price Kissed 261.8%- Waiting to see market action. If there is pressure in nifty likely we go & hit 8630-8645 zone.

Trade active:

11:42 Hrs 3rd Oct2016

(3)rd wave = 261.8% of (1)st wave@8727-8730. First Support Level shall be 8685-8688 then 8630-8640

Warning- It should not go below 8617- which 1st Wave Top.

Trade active:

12:45 Hrs 3rd Oct2016

Trading@8712

Nifty Holding 8700 for quite a long time. Likely That level should break downside

Trade active:

12:53 Hrs 3rd Oct2016

Trading@8710

Avoid Taking Any Short Positions -Nifty Should Take out 8700 marks if at all it has to continue down

Trade active:

13:35 Hrs 3rd Oct2016

Trading@8720

Nifty is Struggling on Upside. Likely its a risky call, but let us be ready as nifty could continue down once if it goes below 8710 marks. Top@8728 should not be taken out.

Look for break of 8710 & then put stop above recent high which will be 28 points

Trade active:

13:46 Hrs 3rd Oct2016

Trading@8728

I am clear with my levels as said I won't take short unless first 8710 is breached downside -look it popped up to take the stop losses as so many guys might have put stops above 8727 -recent high

Trade active:

14:05 Hrs 3rd Oct2016

From 8727 high - likely it could be A-B-C Structure in 4th wave. B-Wave was recent High@8732 (Might have taken a lot of stop losses). I have updated below not looking good to buy as these are irregular structures & they trap traders. Already we were out at 8710 range when updated earlier -to fall further it has to take out 8700 marks. We need a sharp fall below 8710-8700 then likely we go in the zone 8630-8640. Be careful with your stop loss levels.

Comment:

15:11 Hrs 3rd Oct2016

Trading@8739

As if I was fighting with the market see this is what one has to learn from markets unless key levels are broken trades could trouble.

If key levels are broken -we sail through easily.