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| Hourly Chart |
Nifty has so far continued on its path as envisioned by us earlier. But since we can spot a clear 5 wave structure on the chart, we should at least think about protecting our gains. I am expecting a fall towards 5295-15 levels on Nifty in wave [2]. Accordingly, we should protect our gains. I would keep a SL of 5340, and would reenter if one of the following two cases play out,
A) Prices take out the SL and then immediately move back up and take out the recent high above 5400. I that case I would buy the breakout above 5400.
B) Prices hit the SL and drift down towards the 5295-15 band. I would take a long position if prices complete a clear and satisfactory 3 wave move towards the 5295-15 price band. SL for this new long position would depend on the the exact price pattern that will form.
Apart from the above two possibilities, we may straightaway move up from current levels, and that would mean that our earlier 1-2/1-2 scenario is playing out, and should result in a swift move heading towards the 5630 levels.
I would be skeptical of any chance of up move if we fall below 5165 levels on Nifty.
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