Nifty : Is X Wave round the corner ?
Updated
Wave C of the Correction is extended. There is some way to go before completion. However since there are multiple issues in global market and Wave 3 was extended. There is a case for an complex correction. In this case the market will rapidly move back to 8200 in matter of hours and it will seem like the trend has resumed. However a further ABC correction will commence.Risk reward is in Favor of this happening. Traders should wait for the corrective action to settle down before the market will execute this.
Also the X wave will trap both bears and bulls so trades with good experience should ideally trade
If the market instead forms a sloping wedge with a slow and painful incline then the X wave is not happening and perhaps the sub- wave 1 of Wave 5 which means a long impulse up move can be expected.
Also the X wave will trap both bears and bulls so trades with good experience should ideally trade
If the market instead forms a sloping wedge with a slow and painful incline then the X wave is not happening and perhaps the sub- wave 1 of Wave 5 which means a long impulse up move can be expected.
Trade active
The first Sub-wave for X -wave has stared. This should be a three wave formation unless disrupted by global news which is very heavy. Watch Europe open carefully. Entered Market at 8098.Protection should be sought against FED announcement and BREXIT. Contemplating buying 8100 puts if the trade is active overnight.
Trade closed: target reached
Target of 8200 reached and therefore trade closed at 8211. Nifty will suck all the bulls in and get shorts out before a reversal. Waiting for the three wave formation to complete for the next trade
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