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Nifty near top. Possible trend reversal ahead. Stay alert.!!!

Nifty made top on Election Results day. i.e, 23rd May, 2019.
On The Elliott Wave Principle perspective, bounce from 10000 level 12041 consists 5 inner waves. That is 5 th wave of major wave 3. In that case, we likeky to see wave 4 down shall begin any time from here. Upside capped between 12100-12200 few points fluctuation likely due to volatility.
First sign of weakness comes once nifty breaks and trade below 11860 spot levels.
Regards,
Suryadev Bandari
Research Analyst


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Major Event done. Nifty upside capped between 12000-12100. Trend reversal ???

Market discounted Election Results and continuing its own course now. Upside capped between 12000-12100. Today it tested 12040 and sharply reversed trend from there. Now, its heading towards previous upward gap between 11426-11591. Daily charts showing Shooting star like formation. As long as nifty trades below 12100, its downward journey continues towards 11420.-11400. Be cautious on long positions. Regards, Suryadev Bandari Research Analyst

Market in Bear control

NIfty moved exactly as forecast in last update.
Yesterday Bulls failed to hold 10850 support level and nifty closed well below that level.
Today, In opening also Bulls failed to hold opening gap up.
Most preffered wave count suggesting that IRREGULAR TRIANGLE completed and Impulsive down move has started. Next downside level to watch is 10750.
Market in Sell on Rise Mode.
10875 first resistance and 10975 strong resistance.
Minor support 10750.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Exhaustion gap formed. Bulls strength eroded???.

Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall.
As of Now, wave 2 in finishing stages.
 More possibility for Wave 3 down to begin any time soon.
Hence, Be cautious. Its time to reduce long positions. Profit booking time.
From current levels, nifty likely to retest 11000 levels anytime. Short term top made.
New highs may not be possible from here. Keep booking profits in long positions.
Wave 3 Impulsive Down move can begin any time.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com