Listless day and that leaves nothing much to write about. Continuing with labels that donot see Nifty going above 6120
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Now a close look at the current upmove from 6008-6088* can classify it as a 5 wave form whose 4th subwave was in play today--
.png)
While today, support was provided by 13Hr EMA and tomorrow morning may see us opening at 34Hr EMA support at 6057 and then a gradual move up above 6101 to complete the last set of 5waves.
A tick below 6045 would be the sign of weakness and a tick above 6120 would invalidate these labels and force us to have a relook at our labels.
A crucial channel-top and negative divergence in Daily Charts combined with an EW pattern that's showing an Ending Diagonal are giving me bearish inclination and a tick below 6045 would lead me to open short positions with Stop-loss at 6088(or whatever top gets formed tomorrow) and aim for sub-5940 level as first target.
And if we open above 6101, I would open short positions with a Stop-loss at 6120 and target sub 5940.
.png)
.png)
Now a close look at the current upmove from 6008-6088* can classify it as a 5 wave form whose 4th subwave was in play today--
.png)
While today, support was provided by 13Hr EMA and tomorrow morning may see us opening at 34Hr EMA support at 6057 and then a gradual move up above 6101 to complete the last set of 5waves.
A tick below 6045 would be the sign of weakness and a tick above 6120 would invalidate these labels and force us to have a relook at our labels.
A crucial channel-top and negative divergence in Daily Charts combined with an EW pattern that's showing an Ending Diagonal are giving me bearish inclination and a tick below 6045 would lead me to open short positions with Stop-loss at 6088(or whatever top gets formed tomorrow) and aim for sub-5940 level as first target.
And if we open above 6101, I would open short positions with a Stop-loss at 6120 and target sub 5940.
.png)
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