Let's look at an Elliot Wave pattern on NIFTY hourly Chart.
We have a clear distinction of wave 1,3 as we can see from the chart. We are into the 5th wave starting at 61.8 fib extension levels. The main trading idea should be, we wait for a proper ending of 5th wave that is expected to be a short wave considering the Fibonacci extension 100% levels as I pointed in the graph.
So we wait. Yes for a proper reversal! Any short position at 100% fib levels on a confirmed reversal is worth taking.
Hope it helps everyone.
Thanks & Regards, Bibin
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Hello Friends,
Nifty at crucial levels as we are in the 5th waves.