Nifty surely is out-performing broader world market,however it is loosing it's steam.I have tried to label entire raising sequence from 16900 low and it seems like we are in sub-wave 5(minute degree) of wave 5(Minor degree).
On momentum front we are seeing negative divergence along with raising wedge like structure.Trigger point would be close beyond 18872-18555 range.If Nifty closes above 18872 then view is invalidated and counts should be shifted and if Nifty closes below 18555 then we will get first confirmation of Nifty completing it's wave 5 of impulsive raise.
Break-out on either side can give us a trade with the other side of range can act as a stop-loss.Downside breakout can take prices in the box zone,while upside breakout will lead us in uncharted territory.
High Open Interest on CALL option along with reversal candle will be additional evidence of top formation.
Disclaimer:This analysis is shared for my future reference and not for initiating trade.
On momentum front we are seeing negative divergence along with raising wedge like structure.Trigger point would be close beyond 18872-18555 range.If Nifty closes above 18872 then view is invalidated and counts should be shifted and if Nifty closes below 18555 then we will get first confirmation of Nifty completing it's wave 5 of impulsive raise.
Break-out on either side can give us a trade with the other side of range can act as a stop-loss.Downside breakout can take prices in the box zone,while upside breakout will lead us in uncharted territory.
High Open Interest on CALL option along with reversal candle will be additional evidence of top formation.
Disclaimer:This analysis is shared for my future reference and not for initiating trade.