Short

Elliott Wave Impulse + Bearish Shark Pattern

Updated

India Nifty had an impulsive structure from bottoms of 6825 on 29th Feb 2016 which is almost finishing its up leg & coinciding with bearish shark pattern could be a potential setup for going shorts below 7400 or in the range of 7550-7580 with strict stoploss of 7625 for targets of 7255 ...7125....6950 as extended target.

Trade closed: stop reached

Pattern which was discussed was failed pattern and trader should be very creative by taking opposite position which was taking long positions as Nifty travelled 7700 and above. It has scope of travelling in the range 7800-7850 but be careful if Spot Nifty trades below 7580---all long positions should be closed & trading below 7400---open short postions as most likely nifty going below 7400 will trap all bulls.
Regards,
Abhishek

WaveTalks

Best Regards,
Abhishek H. Singh
Growth Director - TradingView India

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