Nifty 50 IndexShort
NIFTY Sep Second Week
This was a momentous week. The third wave of many levels seem to have met. The decline has started (as was projected last week :-D). You found that here first. In my opinion this decline is a natural short term correction and is a sign of an uptrend.
Long Term: The long term trend is up. We are significantly closer to pre-covid highs. That would be reached. But after a lot of drama as I detail in the medium term and the short term view.
Medium Term: In the medium term, the market is going to gradually. The third and fifth waves of a number of levels are coming to an end and they would result in the ensuing temporary correction. If my analysis is correct, I don't think it will go below 11,950.
Short Term: The short term tend is down. We seem to have completed one and a half leg of a zig-zag correction. The other half could take the market to as low as 11,240. I would recover a bit in the fifth wave after that. But will again start declining as the fifth wave gets over.
How will I trade this? Go long with the target as 11,570 and additional long taken at 10,900. And then hold till Friday for next leg of the strategy.
As always, I might be right. I might be wrong. I am always learning. Trade at your own risk.
Long Term: The long term trend is up. We are significantly closer to pre-covid highs. That would be reached. But after a lot of drama as I detail in the medium term and the short term view.
Medium Term: In the medium term, the market is going to gradually. The third and fifth waves of a number of levels are coming to an end and they would result in the ensuing temporary correction. If my analysis is correct, I don't think it will go below 11,950.
Short Term: The short term tend is down. We seem to have completed one and a half leg of a zig-zag correction. The other half could take the market to as low as 11,240. I would recover a bit in the fifth wave after that. But will again start declining as the fifth wave gets over.
How will I trade this? Go long with the target as 11,570 and additional long taken at 10,900. And then hold till Friday for next leg of the strategy.
As always, I might be right. I might be wrong. I am always learning. Trade at your own risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.