Nifty has been testing patience and not letting anyone take positional trades since mid of May.
24500 has acted as a crucial support - and as we come to re-test it today for the 3rd time, I thought of updating the view after my last post on May 15th, as we have a good RR long trade here.
We had two alternates:
1. We are in 5th up/ which got done, is about to be done. In this case we head down to 23500 or so and then we review if this bounce was corrective or we are going to ATH.
2. We did 1 and 2 and have started 3 up. Within 3 we started the 3rd up today. If this is true, the run up should continue for next few days.
Now, possibility 2 remains as it is, but possibility 1 has changed to look like a leading diagonal.
So, instead of 12345 (where 1 and 4 cannot overlap), we are moving up in ABCDE (where A and D can overlap).
My view is that we have E up pending - and since we have taken so much time in D, more room is getting opened in E up (top of the wedge structure) - which was 25300 earlier, and is now looking at around 25700 - which is a good 1200 points from here.
This move up will also test the bottom of the longer channel we followed from March 2023 and broke in Jan 2025. So, a first test of that channel would mark as a good point for wave 1 to end and a correction to begin till 24000-23800.
24500 breaking and sustaining should act as SL. So, we have a good trade set-up at hand to play till 25500 or 5 wave up, whichever happens first
All the best!
24500 has acted as a crucial support - and as we come to re-test it today for the 3rd time, I thought of updating the view after my last post on May 15th, as we have a good RR long trade here.
We had two alternates:
1. We are in 5th up/ which got done, is about to be done. In this case we head down to 23500 or so and then we review if this bounce was corrective or we are going to ATH.
2. We did 1 and 2 and have started 3 up. Within 3 we started the 3rd up today. If this is true, the run up should continue for next few days.
Now, possibility 2 remains as it is, but possibility 1 has changed to look like a leading diagonal.
So, instead of 12345 (where 1 and 4 cannot overlap), we are moving up in ABCDE (where A and D can overlap).
My view is that we have E up pending - and since we have taken so much time in D, more room is getting opened in E up (top of the wedge structure) - which was 25300 earlier, and is now looking at around 25700 - which is a good 1200 points from here.
This move up will also test the bottom of the longer channel we followed from March 2023 and broke in Jan 2025. So, a first test of that channel would mark as a good point for wave 1 to end and a correction to begin till 24000-23800.
24500 breaking and sustaining should act as SL. So, we have a good trade set-up at hand to play till 25500 or 5 wave up, whichever happens first
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.