Price Action perspective:
After the accomplishment of the lower-low, nifty surged and reached near the previous lower-high point at 17639.
As mentioned in down theory, An upward trend is a series of successively higher highs and higher lows.
Price is weak below 17639, which is a previous lower high.
If nifty creates a swing failure, supply will exceed the demand.
Nifty has completed the corrective wave A of triple (Z)
If the price gives a consecutive close above (X), it suggests that corrective structure has occurred and an impulsive wave started.
However, the price has given three moves after wave A.
Sub-wave a traveled 100% of wave B.
The price is weak below 17639 and strong above 17650.
In my previous idea, I have mentioned the price can be out of the channel. Sellers can enter after a rejection of the candle on a higher timeframe.
Safe traders can enter when the price enters into the .
Today’s close will initiate positional views.
Are you looking for NSE paid calls? Want to get premium trading alerts and unlimited access to Moneymunch? Join today and start potentially multiplying your net worth: Premium Stock & Nifty Tips
Premium features: daily updates, full access to the Moneymunch #1 Rank List, Equity Research Reports, Focus List portfolio of 50 longer-term stocks, Premium screens, and much more. You will quickly identify which stocks to buy, which to sell and target today΄s hottest industries.
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.