In continuation with the previous posts on Nifty, there seems to be a good long opportunity to new highs now with a great reward to risk ratio. I'm holding all previous longs too with an SL of 8670.
If it breaks the lower trendline (and SL gets hit) then will be looking for going long later or shorting as per the trend then.
The Nifty uptrend continues. The 1st target of 8770 is achieved.
It's just that the structure formed is slightly different than the one shown earlier (previous ideas links attached). The updated one is shown in the chart. However, SLs and targets remain the same. Now, the SL is 8540 (from 8515). Any pullback can be bought at the fib retracement levels of the...
Nifty can soon start it's up move. It'll break the black horizontal line and start going up. However, the count in the Bank Nifty is clearer, so an entry based on Bank Nifty would be a better idea. (The link for Bank Nifty is attached).
Bank nifty has reversed from 1.618FE of wave 1. IF it takes support at the 38% or 50% fib levels (and the trendline), then it could result in a sharp up move to new highs. This should pull Nifty too; just that the wave structure is clearer here.
(Support at the 23% fib level for the up move after that is possible too but then an initial entry would be difficult...
![NIFTY: Nifty updated count [Pls read description before foll. arrows]](https://s3.tradingview.com/x/Xkpk82LW_mid.png "Nifty updated count [Pls read description before foll. arrows]")
