Tuesday, November 7, 2017

Is Nifty uptrend in danger? Time to stay alert!

Nifty came close to 10500 levels but failed to take out the highs. It is very important for you to look at the objective Technical analysis methods like Elliott wave, Channels.

In my latest webinar published on 3rd November 2017 I mentioned clearly why it is prudent to not get carried away and stay alert. You can see this yourself: How to trade Nifty from here? Will confluence of channels work again?

It seems the confluence of channels that I talked about in the video update worked out very well so far. It is now time to keep a close tab on the important short term support levels to see if the same can be protected or not.

Nifty 60 mins chart:

Over past few days we have been alerting our subscribers of daily equity research reports – The Financial Waves short term update to keep an eye on important levels and not to leverage much.

In 6th November morning we mentioned that “In short, price movement in this week is important. Let us see if prices can manage to build momentum even above 10500 – 10550 levels where multiple trendlines are intersecting. Failure to do that might result into distribution action. Keep a watch on …….. as short term support in this week.”

We have been using Channelling technique along with indepth analysis using Advanced Elliott wave – Neo wave to understand the maturity of trend. If the support levels are now broken decisively we will get another set of selloff similar to that seen in August and late September.

So, it is now time to be alert and monitor closely if the support levels mentioned in the daily research report is taken out for short term reversal confirmation. The confluence of channel has worked out brilliantly and it has helped us to caution our readers and subscribers when majority of others have been complacent.

Subscribe NOW The Financial Waves short term update that provide detailed Elliott wave analysis on Nifty, Bank Nifty, stocks with important support and resistance levels. In case you would like to get Intraday / Positional Stock tips register now and get research free along with it.

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