Falling wedge on 1 min chart, now nifty could target 5060 but can face resistance around 5040*************************************************************************************
Update at EOD--------nifty reversed from 5045.
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Hi Renu,
ReplyDeleteIt seems market has broken down before making another high (5176 previous high). We may have completed B wave at 5084 of A-B-C correction. This has followed after completing uptrend of 5 waves from 2500 to 5176.
If we are in wave C now then that should be down. The target of wave C could be lower than the bottom of A at 4538. The US Dollar has alos started getting strong since 18th Nov. Please share your views on this hypothesis.
hi Rajvada,
ReplyDeleteFirst of all thanks for puting up your views and secondly i can't comment about targets based on EW as i am still trying to learn it,and with regard to todays fall i would say it could be just correction of up move from 4540 as we saw move from that levels without any meaning full correction,lets see how market behaves before coming to any conclusion.
please give me a simple trading strategy to trade in nifty.
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