rajivghosalkar

Nifty : Upmove is near completion. Downtrend to 10800 or further

Short
NSE:NIFTY   Nifty 50 Index

Since March 24, 2020 Nifty had begun its D wave of a NEUTRAL TRIANGLE (a special type of NeoWave pattern). This D wave has formed a Bow-Tie Diametric pattern.
All calculations are marked in the chart.
As G wave of a diametric pattern tends to equal A wave, the possible culmination of this wave is very near at 13100 levels and E wave of the NEUTRAL TRIANGLE pattern will soon commence.
Second possibility of D wave completion is a Trendline resistance of 12800-12900 levels. In this case we may a fall in Nifty from 12 Nov 2020.
As E wave of this NEUTRAL TRIANGLE will traverse below 10800 before Jan 2021.

Investors can invest to build a good equity portfolio during this fall.
Wish you all a very Happy Diwali and Happy Investing.



Trade active: My view is still the same.

Comments

very well checked, marked
+2 Reply
@rachanak, Thank you.
Reply
This is great insight.
+1 Reply
rajivghosalkar sabyasachi_nath
@sabyasachi_nath, Thank you. hope it helps all
Reply
Dear sir..is your view still the same.
Reply
Sir, What is your current view after Nov expiry ?

Please also suggest me book or link which I should follow to understand these concepts. Thank you !!!
Reply
@vkraant,

Book to be referred is 'Mastering Elliott waves' by Glenn Neely. The concepts are based on NEowave.
Reply
Hi I m holding 12k put 26nov expiry @62 now cmp is 25 ... Shall I hold or exit
Reply
rajivghosalkar Megha281191
@Megha281191,
I am not sure whether I can advice you on your call. But it is never advisable to trade such deep OTM strike prices.
My suggestion is if you want to trade options intraday , trade in first OTM strike price ( either call or put), in your trading direction.
If the chart is going to show strong impulsive behaviour, you can trade in 3rd OTM strike price.

In options you have to pay premium over your strike price. So say paid 50 as premium on 12000 Strike price then you are expecting market to go below 11950. before monthly expiry date.

Hope I have tried to give you some understanding.
Reply
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