n my previous post I gave the reversal from 8550 towards 8620 to 8700 with an explicit warning that it should not cross 8700, Nifty made the recent high 8670. As mentioned before I was expecting it to be a correction so it took a while to complete the pattern, Now it seems to have reversed. Now It should form a 3 or 5 wave structure downward, but it should break 8610 first with out wasting much time for the confirmation of this pattern. It can go anywhere towards 8550 and 8500.
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8500 breached and an immediate low was made around 8490.
Hi Neil
Great Call but i missed it.Could you tell me what next for nifty.could i enter shorts now wait for a bounce to 8650 levels ??
neilroy7
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Well the levels I gave are almost completed, we can see some more down move from here but before that a correction upward is due, Maybe you should wait to for that correction to be over first.
laxmikant_74
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Great Call Neil
ShanTrader
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Good post Neil. Do feel a revisit to 8550 is due soon.