We have had a good run-up from April lows. Today's buying seems like the last leg up which should end 5th up.
Now there are two possibilities:
1. Bullish Scenario: Nifty has completed correction in April first week and we have done Wave 1 in an impulse of 5 waves up. In this case we should retrace 38-50% of the move from April lows. So, expect 500-1000 points in Wave 2.
2. Bearish Scenario: The entire move up from April lows was corrective and part of larger X. X is formed by ABC where C is 5 waves up - i.e. the move from April first week lows.
If this is the case, then we head to new low in Y. 21500 or lower.
In both cases this is the time to initiate shorts and ride at least 500 points the move down. All the best!
Now there are two possibilities:
1. Bullish Scenario: Nifty has completed correction in April first week and we have done Wave 1 in an impulse of 5 waves up. In this case we should retrace 38-50% of the move from April lows. So, expect 500-1000 points in Wave 2.
2. Bearish Scenario: The entire move up from April lows was corrective and part of larger X. X is formed by ABC where C is 5 waves up - i.e. the move from April first week lows.
If this is the case, then we head to new low in Y. 21500 or lower.
In both cases this is the time to initiate shorts and ride at least 500 points the move down. All the best!
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.