Nifty opened Gap down today at 8317 but bounced just after opening and 8317 was just flash low. Nifty traded with positive bias after opening with range bound volatility and closed at 8355 after giving high of 8376. Let’s see what charts are suggesting.
This is 5 minutes time bar chart of Nifty covering move after high of 8626. It seems: –
- Wave (1) of A completed from 8626 to 8526
- Wave (2) of A completed from 8526 to 8587
- Wave (3) I can’t say with confidence if it is completed or not. May be wave (3) is not yet completed and counts may be as I represented on charts.
And we can see overlapping of waves at the bottom. Let’s see this closely.
This is 5 minutes time bar chart of Nifty showing today’s intraday move. This move looks like Complex Correction (Triple Zigzag) that can take Nifty below 8317 once again.
Nifty is still at the stage where we need to be cautious before taking any big trade. It is difficult to suggest and safe trade at present and any trade can only be initiated during live market hours after seeing latest wave formation. Overall Nifty is suggesting a dip below low again before any reasonable bounce.
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