Fall from the highs of 1097 to 1012 was quite impulsive & was an awesome trade, which was anticipated 7-8 days in advance on 4th Jan2017 in the update- "Excitement to start above or close to 1100"
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.
Trading Strategy 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
Trade closed manually
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11:34 Hrs 20th Feb2017
Last Price@375
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.
Comment
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Sorry - price typing error- "1075"
Comments
akj91
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all analysis went for a toss
WaveTalks
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@akj91, I missed your comment, but one thing I am always clear in trading -confirmation point which was rejection from 1050-1055 & post that it was suppose to go below 1045 as mentioned in the trading strategy above - for us to take the sell positions.
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.
SatishBoda
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@AbhishekHSinghCMT, Does today's price action above 1055, negate the short view ?
WaveTalks
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@SatishBoda, I still have not entered the short trade -because we don't have confirmation yet. Its wait & watch for me- I have already updated that prices should move below 1045 then it confirms- trading before that you are taking risk.
nifty4money
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@AbhishekHSinghCMT, I feel this series will not see price below 1040. Look at the CALL open interest for 1040 and 1060. If price sustain above 1060, there are chances of higher level with covering.
WaveTalks
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@nifty4money, That's why I never jump in trade unless I get some confirmation- can be a possibility as you suggested, but we should be careful on the upside.
nifty4money
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@AbhishekHSinghCMT, Agree. I am holding position in this counter from starting this month. Fut buy from 1026, and Sell CE- 1080 at 13.5 premium.