Nifty moved in the anticipated direction as we had planned. The up move towards wave 4 completion and then we were expecting 5 waves down mentioned the the morning tweet as well.
Nifty50’s Elliott Wave 5 waves down plan:-
Now we are looking at 5 waves down (white) where wave 1 and 2 is done. We are in swift wave 3 which usually will result in gap down and cover entire 5 waves towards 22450 levels and lover. This break below starting of wave 1 white is just a confirmation that down trend is strong. Nifty50 moving in 5 waves down.
Falcon Waves moves in ABCDE pattern unlike Elliot Waves, yet both respect each other and do not go against each other even in complex corrections. In Falcon Waves format we are currently in wave D which goes towards 161.8% of Wave ABC.
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Starting | I Was holding puts and market opened gap up, this was anticipated but slow burn down was not. However my puts were for next week expiry (not current week), still holding. |
Play Summary | No trades done as I was holding puts. Gap up showed loss, continued to hold. This became almost profitable at the end of theday withs harp selling post 3 Pm. |
Ending | Ending was ok, still looking for deeper correction and bearish momentum towards 22400 levels and below. |
Learning | For scalping, there is no room for overnight positions. There is absolutely no point in holding overnight positions unless bigger wave trend is played. |
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