Nifty - Skewed Triangle.
The implications of Skewed Triangle are extremely bearish, if true then we are looking at a wave (C) lower opening anytime soon and that will be huge huge negative for the markets in the months to come. As we said this is a probability and for the betterment of everyone involved we hope that the index negates this possibility by moving above 9889 otherwise we haven’t seen anything yet on the downside.
Confirmation of the completed wave B will be on a faster retracement of wave (e) and the same we will alert to our readers as and when the development takes place. For immediate degree 9714 and 9840-9890 are the critical resistances while a move above 9889 will completely negate this triangular hypothesis. The index is in the Trend Change Date window and the same runs for today as well, don’t get complacent and keep booking profits in long positions. Anyways we entered around 9179 and 18350 in Nifty and Bank Nifty respectively, we are deep in the money and hence keep very tight stops or best book profits in long positions
Confirmation of the completed wave B will be on a faster retracement of wave (e) and the same we will alert to our readers as and when the development takes place. For immediate degree 9714 and 9840-9890 are the critical resistances while a move above 9889 will completely negate this triangular hypothesis. The index is in the Trend Change Date window and the same runs for today as well, don’t get complacent and keep booking profits in long positions. Anyways we entered around 9179 and 18350 in Nifty and Bank Nifty respectively, we are deep in the money and hence keep very tight stops or best book profits in long positions
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