Long Term: In the long term, we have not yet breached the important 78.6% correction level that would establish that the rally we are having is a trend (and not a correction). I think that should happen soon. I think the market is going to breach this level in style.
Medium Term: In the medium term, the projection continues to hold. We are in the third wave, which seems to be extended and should take us to 11,800-12,000 levels.
Short Term: In the short term, the recent correction that corrected the market movement of 16-Jul to 29-July seems to be over. It was a simple correction in the form of zig-zag and was deep at almost 61.8%. The next correction of the same timeframe should, therefore be shallow and long winded. But we still have some time to reach there. I think the next move is going to be up as we are in Wave 3 of Wave 3 of Wave 3 of Wave 3. That is super bullish. So I think, move will breach the 78.6% correction level (mentioned above) in style and take the market to around 11,600 levels.
How will I trade this? Buy an open on Monday. Exit at 11,600 (profit of Rs. 28,732.5 compared to Friday close)). Stop Loss at 10,880 (loss of Rs. 25,267.5)
And as always. I could be right. I could be wrong. I am always learning. Trade at your own risk.
Medium Term: In the medium term, the projection continues to hold. We are in the third wave, which seems to be extended and should take us to 11,800-12,000 levels.
Short Term: In the short term, the recent correction that corrected the market movement of 16-Jul to 29-July seems to be over. It was a simple correction in the form of zig-zag and was deep at almost 61.8%. The next correction of the same timeframe should, therefore be shallow and long winded. But we still have some time to reach there. I think the next move is going to be up as we are in Wave 3 of Wave 3 of Wave 3 of Wave 3. That is super bullish. So I think, move will breach the 78.6% correction level (mentioned above) in style and take the market to around 11,600 levels.
How will I trade this? Buy an open on Monday. Exit at 11,600 (profit of Rs. 28,732.5 compared to Friday close)). Stop Loss at 10,880 (loss of Rs. 25,267.5)
And as always. I could be right. I could be wrong. I am always learning. Trade at your own risk.