Nifty 50 IndexUpdated Short Term - Nifty might retest 9,000 support again
---Short Term---
On an hourly chart, a potential Wave C of an Elliott Wave seems to be shaping up here. If this goes ahead, it will break 9,000 and start a new impulse wave back towards 9,200. For intraday strategies, wait till a new Impulse wave 1 shapes up and take positions on the retracing wave 2 of this new EW. Things might be clear after Mondays session.
On a larger timescale, this market lacks conviction and is in correction phase.
-Farty.
On an hourly chart, a potential Wave C of an Elliott Wave seems to be shaping up here. If this goes ahead, it will break 9,000 and start a new impulse wave back towards 9,200. For intraday strategies, wait till a new Impulse wave 1 shapes up and take positions on the retracing wave 2 of this new EW. Things might be clear after Mondays session.
On a larger timescale, this market lacks conviction and is in correction phase.
-Farty.
Trade active
As mentioned above, buyers came in at 9,000 and pushed the market to beyond my initial target of 9200. Its suffice to say buyers have complete control of the market now.
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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.