Nifty chart updated and attached...I have outlined 2 possible moves that I see possible over next few days...We are still in a corrective bounce aka a bear market rally...We went up to the 50% retracement area approx 4500 and then corrected 50% of THAT advance to the recent lows made in the past couple of days...So far so good...
Next what can happen is defined...This is a B wave...So we should go up again and resist somewhere above...Either at the downtrend channel boundary or we should go above and stop at the 61.8% retrace of 4720...Either way in my opinion upside is limited in the short term...I will be looking to disinvest all of my holding over the next few days to 1 week...
Trade safe...When this rise gets done, I expect some strong and extreme carnage to happen again.
Very short term - We are bullish.
Medium term - We should turn bearish again.
Anyone have questions? - Please post in the comments section or on the chatbox.
Best.
5 comments:
I agree completely with your view, Lee. We're in a B wave according to my view too.
hello yoda..welcome welcome :)
Yes..B waves...tough to trade...I am thinking of getting out of longs today itself...better be safe..this thing can turn back down anytime...
The problem with getting out on the last day of contracts compounds the confusion... did you trade today? :)
Yes yoda..actually I did :)
Small short at 4330 area...Will cover today depending on what I see...very short term trade only...will be going for the BIG one very soon ;)
Good Job dude...
I would appreciate if you elaborate on Elliot wave on this post....
Today would be interesting i believe for short trading.
I have my view of short below 4280 to a target of 4240 a& 4150.
Cheers
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