Our weekly outlook on NIFTY had clearly mentioned about a potential Head & Shoulders Pattern on the Chart. Wave ‘A’ and Wave ‘B’ (right shoulder) seems to be in progress and likely to be terminated near 11085-1250. From this range, Nifty is likely to reverse so be alert.
Based on the above conditions, the following strategy is recommended:
Strategy 1- Follow up. “Those who are long can hold the position with trailing stop loss of 10966 for a target of 11085-11250. Book full profit in this range.”
We fully booked the profit.
“Aggressive Strategy – 2 – Follow up – Nifty can be shorted near 11085-11250 with stop loss above 10250 for a target of 10800 and below in coming sessions. Since stop loss is far, trade with light quantity. Conservative Traders can wait for a break below 10966 for a reversal confirmation.”
High made today exactly at our entry point @11085. Those who shorted can be hold with stop loss of 10250 for a target of 10800 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.