The move from 9295 to 10590 looks like an initial impulsive upside push has completed & later move from 10590 (Critical Level) -it was some complex structure which could have completed the corrective sequence at recent lows@9592 or part of the correction which will be confirmed once it starts moving above 10590.
Trading Strategy Once it starts moving above 10590 -that will be our initial clue to take long position & later on should cross the falling channel & finally sustain above the channel for an explosive move upside. Moving above 10750-10800 zone likely it travels 161.8% of the initial push from 9295 to 10590 which comes in the zone 11700-11800 as the target zone.
or if it fails to cross 10550 & sustains below 10400 for a day or 2 then likely this correction becomes a time consuming affair & shall possibly dip again.
Review of the last scenario Bang On for the move - sell setup gave 500-600 points move downside & waiting for markets to show us the way next - which indeed jumped from 9590 lows & travelled close to swing highs 10550(Key Level) [/B] - almost 700 points more on the upside.
You would love to read my previous updates
CNXIT - W=Y=Z is the Equation Solved- Another Clue for India Nifty
CNX IT - Revist - Sell Setup below Rising Trend Line
액티브 트레이드
⋅
09:40 Hrs 21st Feb2017
Last Price@10760
Very Strong - Channel Crossed & moving as expected above 10590 -Wow!
액티브 트레이드
⋅
22:30 Hrs 4th March2017
Last Price@10806
Price has crossed the channel, but doing very suspicious just above the same, so bulls have to be careful here for coming sessions.
매매 수동청산
⋅
20:00 Hrs 9th April2017
Suspicious - Suspicious & Suspicious . Falls from 10800's to 10500
코멘트
n.bhaskar1993
⋅
IT charts are all pretty bullish..... Wipro, TCS, Infy & Techm are all pretty good to invest right now!!!
WaveTalks
⋅
@N.bhaskar1993, Yes true, but I have to check TechM as I have been following it since long time -recently missed because of time shortage.
n.bhaskar1993
⋅
@AbhishekHSinghCMT, Wipro is a good buy as long as it stays above 494.50
Seems breakout from the falling channel.. Time to go long isnt it??
WaveTalks
⋅
@RV4241, 10590 crossed so -long has been activated & going beyond channel confirms further- one should never rush if you did not took long above 10590 & wait for a pullback to enter long positions.
neneram
⋅
Hi,
Thanks for update .
curious : any specific reason you have taken 2 day chart and not daily or weekly chart ?
WaveTalks
⋅
@neneram, There is no specific reason- It was not fitting in better view so took larger timeframe, usually I take larger timeframes as we get bigger moves.