After good upside most likely Nifty prices are supposed to halt at 8940. In case you are positionally long its time to either exit your positions in profit or protect your profit with SL.
161 Level of Fibonacci have 50/50 expectancy to keep prices down for some time
MACD has generated crossover to denote beginning of next price cycle. In case Nifty generates a Bullish Belthold at this level new long position will open.
Two things to keep in mind
1. Bullish position will not open without bullish belthold so not advised to go long before you see an actual belthold.
2. The price cycle in formation is 3rd price cycle, price...
It looks like Second Price cycle for Nifty has began and most likely we might see Nifty hitting 8761 in February. For now it seems like we may see some sideways move till end of month. For now it is good to wait for Nifty to complete sideways movement if it begins tomorrow.
1. Height of triangle was projected in downside. Then Nifty undergoing retrace.
2. After fall of 1 Fibonacci Retrace was 0.6
Conclusion : In case prices continue to fall from these levels it can fall upto 1.6 or 2 level on Fibonacci extension. Expected minimum TGT 8272
In case you prefer positional trading Nifty has undergone shift in volatility with divergence and break of resistance. The momentum has changed to downwards.
Nifty confirmed triangle break with first 15 minute of opening. I think short can be initiated for minimum downside of 8385. Prices are currently retracing to broken line take entry at the end of retrace.
Greetings traders,
This is a weekly update following our monthly, daily & probability analysis
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Now to the analysis,
following our daily update,
we mentioned that the NIFTY could...
Market opened with another shift in price, since all momentum indicators are oversold, this upside is not a strong upside and have high chances of failure, if you are holding a long position start trailing SL properly to protect your profits.
Regards,
Nrupen
www.udemy.com
