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. Nifty is close the upper end of the channel and likely to terminate from this range.
Based on the above conditions, the following strategy is recommended:
“Aggressive Strategy – Follow up.. Those who shorted near 11085 can be hold with stop loss of 11120 for a target of 10800 and below in coming sessions. A break below 10980 for this view.” Short position taken near 11085 were hit with stop loss of 11120 (minor loss). We need to see how Nifty behaves near 10200-250 range for direction of the trend.
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.