Nifty outlook: bull trend or bull trap?

٢ يناير ٢٠٢٢

In my previous post, I have mentioned that nifty can make an upward move before making the last leg.
Nifty was at 16999, and it has made a high of 17400 on 31st December 2021.

Nifty is out of the channel and near to the previous lower high.

If nifty breaks up 17639, we can expect a big upward move for 18210, which indicates that correction is complete.
And if it fails to break the parallel channel, we can expect the following targets: 16909-16690-16449-16369, and the price will start wave C of wave (Z).

Please note that the downtrend is below 17639.
I will upload further information soon.

٤ يناير ٢٠٢٢

ملاحظة

٥ يناير ٢٠٢٢

ملاحظة

Nifty has made a new high of 17827.

As I mentioned in the previous idea, it is weak below 17639.
I also added that if nifty gives a break out of 17639, it can go for 18200, which is wave X of the zigzag.

For Day Traders:
If nifty sustains above 17732, the trader can go for the targets of 17906.
Please note nifty is weak below 17715.

٥ يناير ٢٠٢٢

ملاحظة

Target Reached: Nifty reached our target of 17906.

١٢ يناير ٢٠٢٢

ملاحظة

I had written in clear words, "If nifty breaks up 17639, we can expect a big upward move for 18210, which indicates that correction is complete".
Nifty reached 18210.