Now from 1012 it was up down up move finishing set of correction & retraces 50% of the fall 1097 to 1012 in the zone 1054-1055 along with possible double top- which is not confirmed yet & will do so if it moves below 1045 & sustains below that level.
We will wait for market confirmation & price rejection in the zone 1050-1055 as the indication that it wants to move down & shall confirm if sustains below 1045.
Safe Traders- can sell below 1020-mini bottom for targets in the zone 915-925 zone.
Be ready with your fishing net could be a big fish -reliance industries- fry it or eat it raw -its your wish but let the fish die.
You would love to read my previous analysis
B- Wave Triangle with key resistance@1145
Wave Power- Magic of Cardinal Rule- Market proved me wrong
Above 1070 for 1085-1090
Excitement to start above or close to 1100- Wow! The excitement started from 1097
We should be careful below 1065 lows in present situation-closing this post as we did not get the move below 1045 as suggested above in the post for us to take sell.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Also in my earlier analysis- Monthly chart, I pressed for 1145 -as critical level so once it moved above 1145 it exploded even further which was bound to happen as it was thrust out of a triangle. I will be putting another view next in coming days- we need to act according to key levels. I cannot be 100% correct everytime & I have to adjust as market moves but fairly I touch 85-90% strike rate if you consider all my ideas in totality.