It seems a ‘Flat’ correction is in progress and in which Wave ‘A’ completed Wave ‘B’ seems to completed @ 11687-11750 range OR will terminate near 11750-810 after that Wave ‘C’ of larger degree would start which can target 10000 in the medium term..
Based on the above conditions, the following strategy is recommended:
Nifty is likely to complete its 5th wave (Wave ‘B’ of Larger Degree) in the range of 11750-11810. 10630 is the immediate reversal of the current uptrend and 10314 is the major reversal point. We need to wait for a Reversal pattern to emerge on the chart for a confident trade. Negative divergence on Daily RSI is visible but confirmation from the price is needed.
Trading strategy suggested in this report is just to show how one can forecast markets using various rules based on Elliot Wave counts for practical trading with good Risk Reward. These trading strategy are not trading recommendation. Any trade based on these trading strategies will be at your own risk and we are not responsible for any loss or profit for the same. Take your own decision. We are not SEBI registered company and we are not providing any calls.