Fellow Readers,
Few days back we have discussed about the Nifty, which was making new highs despite sluggishness witnessed in many leading stock. The question that arose in the mind was whether the current run to 'All Time New High' is a boost to a new bull run or it is a trap for positional and day traders? Though, the answer to this question is not as easy as it seems, and who know what is held beneath the future. Still, with genuine and continuous efforts we can get better result if not best.
An hourly chart of Nifty showing its movement from its recent low of 7893.80 (26/12/2016) to its recent high of 9218.40 (17/03/2017). Beside, there has been shown possible wave counts, giving due consideration to EWT principles. Moreover, a parallel channel line drawn in connection with wave 5 of 'C' or '(iii).
From the chart shared above and the parallel channel line shown, it shall be noted that Nifty is either reluctant to break below or taking support at the lower line of the same parallel channel line. Any move below this support line may be an indication to the 'Change' in trend for short to medium term.
Please, make note that any further or new effect found in the movement of Nifty on the hourly or daily chart of NIFTY will be discussed as and when felt necessary.
Below is the link to previously published post on Nifty for the further reference of the readers of this blog.
Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.