Nifty has been “Demonetizing” itself since 9th Nov and it has now triggered my much expected Short call Below 200 day SMA with two consecutive close below it. Though many safe traders wait for a third confirmation but i preferred to go short today itself as a intimated in my previous post.
Previously recommended Strategy:
So i believe positional traders have sold if not yesterday then today when we opened way positive. Now the picture has turned completely negative for the short term and we can say any rise towards 8700 is opportunity to sell. Technically indicators on daily time frame are surely in oversold zone but remember even if indicators are in negative zone, we could still go more deeper. So where indicator limits itself, Elliot Wave comes into the front seat. So as of now counting close that we are into complex Corrective Wave pattern and the upside should be capped at 8700 while the downside target could be 7650! though there is always alternate count, but currently situation calls for 7650 on positional basis. Those who has gone short on my recommendation below 8120 , keep my previous post targets in mind to book on shorts. Follow strict Stop loss as per strategy above…
See you guys soon now at 7800 or 8550 whichever earlier!!