As we saw in our last trade of Nifty which didn't initiate, there was possible alternate scenario which is continued in this chart. This is a very good Elliot formation with a wedge formation in the 5th wave.
Strategy:
1> Sell level is mentioned at 10719 and 10738 price(in blue line) in the chart.
2 > Stop loss would be 10751 (in red line).
3> 1st Target would be 10565 and 2nd Target would be 10458.
Risk to reward is very high in this trade (with 1:5 at just 1st target). After 1st target reduce your sell quantity to 40%.
Strategy:
1> Sell level is mentioned at 10719 and 10738 price(in blue line) in the chart.
2 > Stop loss would be 10751 (in red line).
3> 1st Target would be 10565 and 2nd Target would be 10458.
Risk to reward is very high in this trade (with 1:5 at just 1st target). After 1st target reduce your sell quantity to 40%.
Kommentera:
Breakout of the wedge pattern was witnessed and Stop loss was hit. Market can go to 10850 level from here and will update with my counts for further trade.