Hi . We are looking at a 2 hour chart with the GARTLEY . The red lines shows wolfe wave pattern forming.
The NIFTY has been very very consistent when it comes to reversals after hitting trend-lines. So we should be looking like a Hawk at that pink trend-line. The Gartley reversal range and that trend line are pretty close to each other. I expect the NIFTY to hit 5667 , and also touch the upper bollinger band on Monday and then reverse to start the 5th wave . The stochastics become overbought at the same time.
To play the reversal: Buy Puts 5400 Puts above 5650. Square it off when the nifty retraces 61.8% of AD line at 5363 region or even 78.6% retracemnt level ( whenever the stochastics gets oversold). After a little rally of 100 points short again to target that low of 5177 or 100 % retracement of AD line.
Thanks.
The NIFTY has been very very consistent when it comes to reversals after hitting trend-lines. So we should be looking like a Hawk at that pink trend-line. The Gartley reversal range and that trend line are pretty close to each other. I expect the NIFTY to hit 5667 , and also touch the upper bollinger band on Monday and then reverse to start the 5th wave . The stochastics become overbought at the same time.
To play the reversal: Buy Puts 5400 Puts above 5650. Square it off when the nifty retraces 61.8% of AD line at 5363 region or even 78.6% retracemnt level ( whenever the stochastics gets oversold). After a little rally of 100 points short again to target that low of 5177 or 100 % retracement of AD line.
Thanks.
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