Hello Friends!
Unable to record video at this point so sharing my view in short. Will try to record in detail tmrw meanwhile.....
So far the market has behaved almost like what we had initially discussed 3 weeks back,though a bit delayed and a bit stretched from our final correction till 16900.
Today market finally not only breached our monthly lowest level of 17950 but also closed below 200 moving avg which is a sign of caution.
Ideally as per my earlier past experiences of market movement behaviour of many years, this is THE AREA from where everything should turn around almost overnight which it should do tonight. If this happens then ALL IS WELL
*But a word of caution now.....*
Since the market reaction was much fiercer than expected, we will have to now treat this upside movement as a bounce back only. And it can bounce back till 17200 max. Many stocks reflected inherent weakness and breached crucial support for the first time in this correction which isn't a good sign to ignore
Ideally in current scenario, such a bounce back is followed by another correction which in current scenario can be till 16600 max.... Any further correction from there would then mean that we may retest 15200-15400 once again.
Our Original stoploss was 17500 some 2-3 days back so now we will be bullish only above 17500.
So it is suggested that we should treat this up move, if it comes tmrw which is expected, as a bounce back only and we should exit all short term positions, which is for less than 3 months holding, between 17150~17175 and wait and see what the market does or how it behaves between 17150-17200. So far, no worry for holding above 3 months time frame
Till then, we should stay very light and sit aside and watch the game to conclude before we make our fresh entry above 17500 only.
Will explain in detail either in Sunday's video or tmrw, if at all possible to record.
Till then, be safe and be cautious keeping in mind HOPE FOR THE BEST WHILE BEING PREPARED FOR THE WORST
*Now An end note of Happiness....*🥰
A convincing close above 17500 this time would now take the Nifty up by over 5000 pts very soon
So no haste and no worry... We will then get multiple opportunities to multiply profits than the losses given in the last week
Happy Trading and Investing with UMS 😊