This is the daily chart of Nifty. I have marked a near term bearish and bullish count on it. In bullish scenario, I am counting the I-II/[1]-[2] waves only, but altered the count a bit. So we may see 5160 levels, before we embark on the [3] of III up. STS has also reached oversold levels. The bearish view suggests a possible triangle in wave {B} and after completion of this triangle, we may see prices rising in wave {C}. The count on shorter time frame will need some more price action for clarity. I will update as soon as market tips its hand, I am still favoring the bullish count, but whatever we think markets should confirm it, no point fighting the markets, its more rewarding to follow it, so for the time being I am keeping SL at 5170 - 5160 band, and will watch the markets from there. Also if we break out above 5342, the up move in wave {C} will get confirmed.
Hi Aniruddha, Thanks for your posting. Can you also post the wave counts for long term chart for nifty? Thanks.
ReplyDeleteWill do that for sure. Thanks for your interest in my work.
DeleteRegards
Aniruddha