AbhishekHSinghCMT
Short

Nifty - Revisiting Monthly Wave Count@11760

NSE:NIFTY   Nifty 50 Index
19:35 Hrs 30th Aug 2018

Last Price@11676


Note - Any move above 11700 - Sellers should be careful

As updated in last published idea on 22nd March 2017 mentioned below- Going & staying below 8968 we would have gone into big correction but thanks it was not triggered & It had awesome run upside to present highs of 11760.

Taking The Count Shown - Keep in mind that I have used question mark that means these counts could be changed once we get market clues as suggested in the post.

We would be careful in taking long positions now which is evident from markets as only few stocks are trying to move index upside on regular basis.

Next Important Support Zones
Key Zone -10900-10925

Critical Zone - 10500-10550


Plan A
Any sustained move below 11700 we shall look for key & critical support zones as target zones next & if key level@10900 & critical level 10550 is taken out downside then that would be early sign that we are entering bear market.

Plan B
Holding 10900-10925 zone / 10500-10550 could be next buying opportunity for new highs beyond 11760 later.


Important levels which was picked in between
Picking Few Tops @11138 - Tops@11171



Previous Monthly Count - Click the Idea to know more in details
Aug 31
Trade closed manually: 11:49 Hrs 31st Aug 2018

Last Price@11655

Won't be updating frequently as it needs lot of patience & time from my end to track short term moves. It was a larger view for your consumption.

Take care - see you at the other side

Happy weekend.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi abhishek...I have one query while most traders have labelled level of 6357 as end of wave 1 and you have considered it as end of wave 3. Your wave counts also appears correct.I really want to know as part of learning, in a larger cycle why there is discrepancy in waves count. I would really appreciate if you can answer in detail or provide some link so that my doubt get clarified.
Secondly in your previous post you have considered level of 9119 as wave 5, are we still in this wave.

Thanks
Reply
@storkyin1, Yes - 9119 was assumed to be wave 5 top if Nifty would have moved below 8968 but Nifty never travelled below 8968 stating that wave 5 still to go on upside & stated in the update itself -in comment section that likely we are heading for 10500 easily which we did. At a particular time there are multiple counts which can be work - Most important thing is you should not fight the markets & don't violate the guidelines. Rest will fall in place.
Reply
storkyin1 AbhishekHSinghCMT
@AbhishekHSinghCMT, Thanks a lot for your reply
Reply
Thanks for the most awaited updates. You had given views of 11995 in alternate without gotala post way back. Nifty is going on that lines..
Reply
@butterfly87, True -There were 2 update's with /without - but certain facts cannot be denied looking into past when we struggled between 2008-2013 as Markets never tell lies & it always looks into future- we just need to follow them- again repeating "Trend is always your friend - Never go against trend"
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Thanks for the update, my 2 cents , Mr. Market not obliging as everyone expecting it come come down ,
Option data also negate bearing view currently
Reply
@krishika, Cheers!
Reply
Thanks sir for your nifty update.
Reply
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