Nifty seems to have reversed from 8670

NSE:NIFTY   Nifty 50 Index
n my previous post I gave the reversal from 8550 towards 8620 to 8700 with an explicit warning that it should not cross 8700, Nifty made the recent high 8670. As mentioned before I was expecting it to be a correction so it took a while to complete the pattern, Now it seems to have reversed. Now It should form a 3 or 5 wave structure downward, but it should break 8610 first with out wasting much time for the confirmation of this pattern. It can go anywhere towards 8550 and 8500.
Trade closed: target reached: 8500 breached and an immediate low was made around 8490.


or wait for a bounce to 8650 levels ??
laxmikant_74 laxmikant_74
OK. Thanks
Hi Neil
Great Call but i missed it.Could you tell me what next for nifty.could i enter shorts now wait for a bounce to 8650 levels ??
neilroy7 laxmikant_74
Well the levels I gave are almost completed, we can see some more down move from here but before that a correction upward is due, Maybe you should wait to for that correction to be over first.
Great Call Neil
Good post Neil. Do feel a revisit to 8550 is due soon.
neilroy7 ShanTrader
It's done.
Thanks :)