Oct22 and 23rd Nifty:
Based on my last analysis, Nifty hasn't moved much when it should have. So I decided to check any one degree above and one degree below waves.
Weekly wave: no clear trend yet
Hourly wave: Confirms we are in wave 5 of daily wave 3. The corrective wave after 5 should take us to 6050 which was the range for wave 4 in hourly.
Overall 4th wave will start soon with a target of 5950.
Only doubt now remains is whether 5th wave in hourly will touch its peak of 6300 range before correcting or the correction as already begun as we saw it today.
Only point is favour of touching the peak 6300 is that today was a Divergent Bull bar. So hoping for a last push before correction. [will confirm this in 10 min chart]
My position: None. Got squared off today at 6185.
Imp: Trust your believe system and trade what you believe in. Today i believed market is in downtrend but exited. Should have remained short. Lets check how it turns out.
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