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Nifty 50 Index
Short

NIFTY - A clear Swing correction

By WDG_Dinesh_Gengarajan
Updated
As mentioned before the logic remains valid for today. the market is expected to inch higher to the levels mentioned below & after which the correction progresses. The levels
RI - 23,526 (1.382 FE)
R II - 23,580 ~ 23,598 (TL (mid) Intersection - very strong); a SHORT trade here is rewarding!!!
RIII - 23,636 (1.414 FE); highly unlikely to be tested in this move

SL: Any surge above 23,640 will make the trade void (however, the confidence is so strong that this will not be the case).
TP: will be updated in succeeding posts(the presence of ambiguity due to 2 possibilities, progression in correction will help to sort it out!).
Trade accordingly
Note
*PS: GIFT NIFTY is positive
Note
RI is taken out in the opening, therefore all eyes are on 23,580 ~598.
Note
Watch out for the opening & 1+hrs, adv traders, wait for 23585 levels (a turnaround is expected)
Note
Recent analysis reveals 2 possibilities,
1. Down - up (same day) - down & up(finally).
2. Up - down (same day) - up(finally)
Note
3 moves are impending before correction as defined in the above idea,
currently, the market has chosen 2nd Possibility
Note
SI -23,531
SII - 23,468
SIII - 23,420 ~23,370~360
where SIII is strong from where the penultimate move can initiate & the correction follows
Note
If the market declines watch out for 23,435 (23,413) & 23,381
However, the final move before correction in one larger degree takes out yesterday's high of 23,664.
Trade closed manually
Presence of AMBIGUITY due to interim weekly correction, the market may extend its trend by a few weeks, eyeing 24,300 levels.TRADE WITH CAUTION
Trade closed manually:
If no short taken yet, hold the tendency to act &
If taken wait for a better position to exit (with minimal loss)
Beyond Technical AnalysisGannniftyintradaytradesetupniftylevelsniftyoptionsniftyoutlookniftypredictionniftytomorrowniftytradesetupniftytrendniftytrendanalysisWave Analysis
WDG_Dinesh_Gengarajan
Best Regards,

WDG_Dinesh_Gengarajan
Full-Time Analyst, Trader & Trainer
For learning, visit Wiz-Brains Online Trading Academy
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