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 completed and broken below the uptrend line. Next major trendline support is @ 10200. 11395 is the immediate reversal on upside. “Sell on rise is the strategy now”
Based on the above conditions, the following strategy is recommended:
We had stopped out today with 30 points stop loss. As Long as Nifty holds below 11516, Nifty may fall again towards 11314. But if nifty breaks above 10516, it may attempt 11571 again. However, we need confirm on price action tomorrow. Hence, no position is recommended.
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.