From the cyclic low of 26th Oct 2018, the Nifty 50 Index had shown high strength.
If we look at the big picture, this move is in staircase form.
Analyzing the longer time frame charts always gives better trading results. Especially weekly charts consistently help in making the best decisions.
To understand the whole staircase rally of Nifty, we will move step by step.
In the end, we will see what the best next opportunity we are getting from it now.
The Feb low of 10585 was the first step of this staircase pattern.
From there, the Nifty climbed almost 1270 points. This was a perfect trade shot from our ‘True Market Rhythm’ trading method. The risk on the trade was hardly 100 points.
The second best step in this pattern was made in May before the result of the Lok Sabha election.
The low was around 11108 levels, and from there, Nifty surged almost 1000 points.
I have already warned you about this move in my post here.
Now, again, at present, the Index has moved near that pattern step. The low of Tuesday, 11461, is near it.
So what can we expect this time?
The probability is high that we can again see a rally or bounce back from this step, as there are also other signs that Nifty is looking to make a Pivot around this low.
If all goes well, Bulls can expect the reward of 500-1000 points, or maybe more this time.
Trading opportunities like this are easy to find. Once we understand the underlying principles to which the market responds,
Then, we can easily make plans for a successful trading journey.
Note: The above-mentioned price projection & other Information are for educational purposes only.
