Nifty moving in consolidation. Leg 1 and 2 completed. Leg 3 going on, Leg 4 and 5 pending.
Target for short trade 10650. All other things are self explanatory in chart
-Five Eleven Trader Training Institute, Noida
4 day old consolidation is over.
Breakout has happened indicated by red trend line.
Taken Nifty Call 10500 at 87 (when Nifty Spot was at 10572) Stop loss at 78.
Target is Fib retracement level of 61.8% at 10708.
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Nifty is forming Harmonic Bat Pattern, the completion at point D is expected at 9384. Further 23.6% retracement of the move from lows of 26-Dec-16 is at 9282. So the pattern will complete between 9384 – 9282. Third leg of Elliot wave completed at 9472. Leg 1 and 3 are of 135 points approx and leg 4 is going on. So final leg 5 is remaining which would complete the ...
Possible Nifty scenario based on support and resistance trend lines.
Assuming current bear phase is continuing and the current upswing is just a short covering.
Resistance for current up move @ 8170 (+/- 10 points) and target is 61.8% retracement @ 7650.
This will also complete the last wave of down move and then possibly pre-budget rally starts by mid January.