Nifty is in the correction phase. All 5 waves are completed. Now started the wave A and most possibly end at 10850.
Then wave B will start.
Can take a long position at 10800 levels for the short term with the target of around 11300, then again big correction wave C will start.
I will update the Levels again.
Correction is completed and there is trend reversal observed on the weekly chart.
In current week 1st wave of new cycles is finished and there are chances of small correction and then the 3rd wave will start.
Shorted Nifty @ 11735 (Sep futures)
Currently it seems that Wave-III is retracing. Expected range for Wave-IV is between 38.2% & 50% retracement.
There could be volatility and consolidation.
Just closed the short trade at 11455 as I was writing this. About 280 points per lot profit.
Shall enter again on the short side when the levels seem right.
Long entry in Maruti 27th Sep Futures at 9166 on 31st August
- CMP is now at 50% retracement of the rise from 8255.5 (21st May) to 9929 (24th July). To me this seems like the ABC retracement of Wave-V is over and a new Wave-I could be starting. Some consolidation could happen of course, before it rises. (See Daily Chart on right)
- The Daily chart shows very...
Traded near Fib R 1.272 of "AB" & Fib E 0.382 of "ABC".
After Corrective WAVE "ABC", Probability of WAVE 1-2-3-4-5 Pattern.
Fundamentally Positive Top & Bottom Line Growth.
(Though Lacking in Margin)
In Volume: Bull Volume Rising.
..... rest detailed plotted & mentioned in chart.
