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:
As mentioned in our previous report, 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. Today Nifty crossed below 10630 but closed just above it. Tomorrow is the RBI Monitory policy and the market would be volatile.
“Sell on rise “ is the strategy now. Short Nifty in the range of 11674-11704 with stop loss @ 11760 for a target of 10600 initially and break of 10600 and trendline would confirm for a bigger fall towards 10314 and below in coming sessions.
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.