Please refer chart for details .
As the A leg looks impulsive & price action seems supportive at fib 61.8% retracement level, we can look for a long opportunity with minimal risk,
Target level will be Fib 1 & 1.618 times of leg A against B Point ( previous swing low).
Ideal stop would be below Origin ( i prefer to trade it by keeping stop just below ...
Looks like Nifty already completed it's 5 wave bullish sequence on monthly chart and currently correcting the entire wave 5 sequence which is essential for next bull run.
Normally such correction may end near to the previous 4th wave span ( levels as highlighted : 9119-6825).
This is not a trading call, Just trying analyse where we can look for the bottom ...
Nifty had a sharp impulse to downside in five waves from the top as Wave A. Now we can anticipate a corrective rally to 11,100 ( sub wave 4 region) as a zig zag correction since we had upward push in 5 waves on lower time frame.
So, Once the B wave correction is complete at 11,100 region, there can be next series of push down to 9500 level ( levels to be ...
A potential bearish Gartley pattern completed on nifty with RSI divergence.
Price action may give us a nice opportunity for an extended target which will be the completion bigger BAT pattern in the picture.
Target 1 - 10713
Target 2 -10601
Target 3 - 10421
Target 4 (extended, completion of bat pattern) - 10065
Trade with care,
US OIL heading to bearish crab territory - levels highlighted on chart.
Aggressive entry : Limit order at 1.618XA = 71.9
Stop : +10 to 20 Pips
Conservative entry : Watch Price action on lower time frame ( 1 hr) & enter if get reversal price action such as double top or candlestick formation
Target 1 - 38.2% of AD leg , when attained move stop to breakeven ...