Nifty spot cmp 15400
Elliot wave study :-
Impulse phase is on verge to mature,,
wave 1 is smallest wave of 1235 points, 12%
wave 2 is retracement wave ,,have retraced around 0.382% of wave 1
wave 3 is strongest and longest wave of 3175 points,28%
wave 4 is retracement wave,, have retraced around 0.382% of wave 3
wave 5 is smaller than wave 3 and bigger than wave 1 ,, 1825 points,, 14%
Rising channel structure formation is seen,, at the moment index is trading around resistance of supply line of channel,,
RSI is making bearish divergence, where price is making higher high from peak of wave 3 to peak of wave 5 and RSI is making lower high..
Wait for reversal confirmation by price action on hourly or daily time fame and can go short for 10-15 % downside from this levels... retest of budget day is also possible and below that if sustain retest of previous life time high around 12400 is also possible,,
Good short candidate
Elliot wave study :-
Impulse phase is on verge to mature,,
wave 1 is smallest wave of 1235 points, 12%
wave 2 is retracement wave ,,have retraced around 0.382% of wave 1
wave 3 is strongest and longest wave of 3175 points,28%
wave 4 is retracement wave,, have retraced around 0.382% of wave 3
wave 5 is smaller than wave 3 and bigger than wave 1 ,, 1825 points,, 14%
Rising channel structure formation is seen,, at the moment index is trading around resistance of supply line of channel,,
RSI is making bearish divergence, where price is making higher high from peak of wave 3 to peak of wave 5 and RSI is making lower high..
Wait for reversal confirmation by price action on hourly or daily time fame and can go short for 10-15 % downside from this levels... retest of budget day is also possible and below that if sustain retest of previous life time high around 12400 is also possible,,
Good short candidate
Trade active:
nifty made low around 14900 from the levels of 15400
500 points from the shorting range recommended,,
keep booking as per comfort,, as there will be zig zag moves in markets..
but this time its surely not buy on dips market
500 points from the shorting range recommended,,
keep booking as per comfort,, as there will be zig zag moves in markets..
but this time its surely not buy on dips market