As you correctly blogged, Nifty got support at 6430 levels. Am I to assume that the wave 5 has begun and the target is plus 120 points from the low of 6432 which is around 6552.
My doubt is
Since it has negated the contracting triangle, the up move of the current wave, will it be restricted to 6552 and not go beyond that as it broke 6487 and made a low of 6432.
KS ji: In a rarest of rare cases Wave 5 can also be a extended one and in case market happen to move above 6552 / 6555 we need to be cautious about long position since any time may market may reverse and in such case better to wait and understand the unfolded wave and then enter in to trade. By Tuesday we will get more clarity and as of 6565 NS is the STLP for short and hence one can short near about 6552 / 6555 with this STLP for a target of 6430 and lower.
My Dear Jayaramji,
ReplyDeleteGreetings to you
As you correctly blogged, Nifty got support at 6430 levels. Am I to assume that the wave 5 has begun and the target is plus 120 points from the low of 6432 which is around 6552.
My doubt is
Since it has negated the contracting triangle, the up move of the current wave, will it be restricted to 6552 and not go beyond that as it broke 6487 and made a low of 6432.
Kindly clarify at your free time.
KS ji: In a rarest of rare cases Wave 5 can also be a extended one and in case market happen to move above 6552 / 6555 we need to be cautious about long position since any time may market may reverse and in such case better to wait and understand the unfolded wave and then enter in to trade. By Tuesday we will get more clarity and as of 6565 NS is the STLP for short and hence one can short near about 6552 / 6555 with this STLP for a target of 6430 and lower.
ReplyDeleteMy Dear Jayaramji,
ReplyDeleteThanks for your reply. Will await for further moves later this tuesday.
Thanks once again