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After much wait Nifty did fall and yes it was a fall worth mentioning.
640+ points in a matter of week,Can we take this fall as a routine fall which makes
the uptrend more strong or it is different this time.
We here speculate different possibilities which are outcome of different techniques ,Tool
or strategies.
I extensively use Elliott wave theory to fulfill my trade requirements.The general mood in
market is to buy on dips but here a logical question arises, Whats the depth of the dip that's
where levels come handy.
Turning back to NIFTY ..
The nifty could well be making a big expanded flat(3,3,5) spread over several months
with 2 zig zags already finished ,There could well be stage set for a impulse down but
there are still many ifs and buts still:).
In simple words 4950 is a level above which nifty bulls would feel comfortable
Bears would be comfortable below 4800.
I would look to short this market in rises where a short setup looks good ,And would continue to do so till i see a new high 2nd wave can retrace 99% of 1st wave .
A chart is attached to show the expected move if 4950 is not broken up convincingly
Do let me know your counts.
Regards
Rish
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