NIFTY has been trading in very restricted range for last few quarters. The arrested wave has been creating complex corrective structure in 3-3-3-3-3 triangle (looking like megaphone) sideways denoted as A through E.
With all subwaves printed it's very evident that its last leg of megaphone towards 10430 region. The last leg of triangle also conclude the...
I believe we are in secular bull and extension of 5 of V of (5) would do around 12000 before any major trend change, yet I believe we are overbought on current levels and some profit booking is due which pull index in region of 9000-8900 levels close to 38% retrace. Yesterday , Global Index got slaughtered , expect nifty to open weak.
Trade your own strategy.