NIFTY wave 3 completed at 5377.60, and has confirmed it by showing a DOJI sign in candle charts. Now wave 4 correction may take NIFTY to 5296 to 5280
Fibonacci Retracement level
Wave 4 has correction is on the way and fibonacci retracement levels will take it to 5296 - 5280. Parabolic SAR (green dotted lines) is below candlestick charts indicating an upmove further and immediate trend is upward
Technical Indicators
MACD is on a divergence mode indicating strength in upward movement, RSI has still not reached the over bought zone, hence more head move on chart possible.
Note : Do not short NIFTY at current levels, after a small correction of another 40 to 50 points, NIFTY will again start its upward journey and it will go all the way upto 5428. Once NIFTY reaches those levels and when I see some more evidence of upmove over then I'll start sharing shorting options in NIFTY futures
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