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.
Nov 02
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 :)
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