Nifty is at crossroads in the Short Term . Has it reversed for Upmove or still the Corrective continues ??. Lets check out the probabilities ahead in near term trading.
The minimum Target for Correction wrt EW and Pattern was achieved at low of 5583.
Apprx 5700-5730 zone is the Fibonacci retrace of the total corrective move 5815-5583.
A basic pattern of a-b-c wave has been done but equally a probability exists of only the b wave completion of it and a leg down left in c which may be fast and in 5 subwave form to test the low and below 5583 (red count)
If the corrective of a-b-c got completed at 5583 then the retrace will be supported at 5630-50 levels below which the red count will takeover.
Option data also signals Neutral at 5700 strike and Support at 5600 levels.
Reversal is not confirmed as of now , Upmove only on trading/close above 5730 in the short term with initial support in near term at 5630-50 level, below which the low of 5585-5600 may be tested again. One may Buy at dips near support zones but with caution and hedges with proper risk management. USA Presidential election may decide the next course for Markets in the short term .
Dear AAR VEE Sir, Thanks for posting ur views :)
good analysis rv. in the bearish lablling 5637 5722 a.b =85, b.b 5722-5583=139 1.62% lets see what happens.
Thanks SP ,Piyush ,Viren and all .
Not able to update the blog due to festival works .
One may trade ahead now with 5715 as SAR on closing basis with bullishness above 5750 and further bearish below 5630.
Expect this complex correction to be over within the next few days around 5580-5630 range and then begin the upmove towards 5900-5950++.Thats the best time to get out of the markets.Wish you all a very very Happy Deepavali :-)
(¯*•๑۩۞۩:♥♥ :|| दिपावळीच्या हार्दिक शुभेच्छा || ♥♥ :۩۞۩๑•*¯)
Thanks Karthikg and Wish u the same.
Thanks Dineshji and wish you the same.
Aarvee ji: Today's fall should change the situation I think.
Karthikg:- Whats ur view now? Still hold for a rally till 5900+.
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