Nifty : Elliots & Corrective Waves Beginning !The simplest Elliot wave count & its potential corrective waves are shown in the above Nifty chart. The corrective waves(abc) just started, so it may or may not happen, we will findout soon what Nifty thinks. Before going into today;s analysis,
Yesterday's Cypher was still valid, it neither hit My stops or Targets. So what we can expect today ?
(i) There is possibility of Double Bottom around 8690's, but Nifty is Bearish, so it may turn risky
(ii) If you are planning to catch the direction of corrective waves, go down a timeframe (5mins) check for any priceaction based or triangle/wedge breakout entries { Can be aggressive, so define your risk}
(iii) Even if the support of Nifty at 8690 breaks down, I will be looking for Longs till 8660's zone.
I will enter shorts only if I get chance with proper stops placement n risk-reward, else I will just sit n watch. No worries about following My plan. Even yesterday's BankNifty, we marked support zone, during the break of support -- I was just watching, bcos stoploss placement not insync with My Rules, so I was just watching BankNifty plummet, though we predicted yesterday morning. " Crazy Right ?? What kinda person predict & won't trade bcos his rules didn't allow ?? " - If you have these lines in your mind, Dear Friend... You have miles & miles to go in your trading career. Anyone got My point in last para or can someone say why I mentioned like that ?
Note :
(i) There are hidden things in above Nifty setup, Let's see who finds it out... { if needed will give clue later }
(ii) While posting charts I'm always in hurry, so there are lot of typo's/grammatical err's happening. Though I notice few n rectify, some err's stealthily gets away. So Bear with Me for those Err's !
Happy Trading !
