This is a weekly update following our monthly, daily & probability analysis
Please do not proceed with this analysis, if you haven't come across any of those. Refer to them at first & proceed with this analysis - link in the signature section (below)!
Now to the analysis,
following our daily update,
we mentioned that the NIFTY could turn at any level at/above 50% R in the plotted resistance zones for X2 but our double confirmation post revealed that the powerful zone to act as a resistance would be 50% R due to the added trend line's angular resistance.
Now NIFTY has been stumbling in the 61.8 Zones.
For any avid & serious trader, this would be a good spot to take their sell position, accounting the underpinning bearishness in the asset & it has a long way down based on our analysis!
For conservative traders, it is a walk through mist scenario where you can't see things clearly as if they were! yet we can say only a thing - wait for the market to unfold downwards & take your positions accordingly! (you might miss a few ticks but that is negotiable for safety)
For understanding the risk (SL) & (TP), please refer to the link in the signature section below
(it is elaborate & a bit tricky - hence we made a video presentation in it - feel free to watch it).
Fell free to reach us to share your thoughts/comments!
P.S: I am an avid & serious trader, I don't know for sure about the testing of 78.6 levels & also don't want to miss my opportunity @ 61.8 levels-8415 therefore, i entered!
but it would be wise if you can provide some space for SL - the margin ensures false triggering!
You should not do things based on hunches but systematically - all i can recommend is to follow a proper risk to reward & that should be derived from the analysis & not from opinions!
Based on that, the 8600 as SL would offer a great R:R - some 185:875 points, which is approximately - 1:4.7 & this is one hell of an opportunity!
think of it & proceed on your sole descretion only!