As posted in the past couple of updates (links attached), Nifty reversed from the 161% FE after completing an Ending Diagonal pattern at the end of wave 3 (as shown in one of the links attached). Wave 4 target is atleast 11,246 and at most 11,356. This move could be slow and choppy and hence either one can long a future with SL of wave 3 low or just ignore this up move. Nifty can come down but would stay above the Wave 3 low. Hence, it could be difficult trading long calls (as there'll be losses due to theta decay).
A better trade would be the impulsive short trade once this move is over for wave 5 once wave 4 is completed.
The whole wave count is shown in another post (link attached).
A better trade would be the impulsive short trade once this move is over for wave 5 once wave 4 is completed.
The whole wave count is shown in another post (link attached).
