Nifty made minor bounces and mostly running corrections in the recent down move. This is speaking about the strength of the down move. At a higher time frame nifty is forming 3rd wave of Elliott Wave. This is very impulsive in nature. Minor & Minutte waves of this 3rd wave are currently running the 3rd of 3rd of 3rd. Of this inner most 3rd seems to be over at the bottom of yesterday's move @ 6960.20. 2nd wave of this time frame has done a running correction. Hence possibly the 4th may be a flat. Hence we need to observe the bounce carefully.
Observe the retracement from 7096 to 6960. Any weakness is to return it will be around 7026 to 7041(50 to 61.8% retracement). Strength will be above 7065, 80% of the retracement. A short trade near 61.8% with 80% as the stop loss may be rewarding.
Nifty hourly chart:
Nifty 5 min chart:
Retracement table:
Observe the retracement from 7096 to 6960. Any weakness is to return it will be around 7026 to 7041(50 to 61.8% retracement). Strength will be above 7065, 80% of the retracement. A short trade near 61.8% with 80% as the stop loss may be rewarding.
Nifty hourly chart:
Nifty 5 min chart:
Retracement table:
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