NIFTY
currently into iii (pink color) of 5 (orange color) of 5 (blue color) of 3 (gray color). Wave ii (pink color) retraced wave i (pink color) by 61.8%.
As Nifty is currently into Wave iii (pink color), expecting Nifty to take out the trendline (purple color - from ATH to recent high) resistance around 18650 by providing a gap-up opening tomorrow above that level (this is because in 3rd waves, critical resistances are normally taken out by having a gap-up or gap-down opening).
Expecting Wave iii (pink color) to end around 18750 which is 161.8% extension of wave i (pink color).
View remains invalid if Nifty closes below 18560 on hourly candle.
Trade active:
As expected and mentioned, Nifty opened above 18650 today.
As the RSI on smaller TF is currently too high, expecting Nifty to hover around 18650 for some time to cool down the RSI, before making the next move towards 18750.
As the RSI on smaller TF is currently too high, expecting Nifty to hover around 18650 for some time to cool down the RSI, before making the next move towards 18750.
Trade closed: target reached:
Nifty reached high of 17739 at the end of day 2023.06.07.
Target achieved!
Target achieved!