I had mentioned in my blog yesterday that if we open gap up then fade the gap! But I surely didn’t mean that fade the market too! Nifty opened firm with positive vibes from the other entire world markets. But we decided to play our own game today. Volatility was at its prime yeah it normally is on derivatives expiry day. But what a sell off? Nothing has changed on the daily chart yet (yeah I know today is a bearish engulfing candle and ADX just moved a point!). But for me the support still holds good. The hourly on the right shows some good divergence. This is a very low risk set up one can go long here with a tight stop below 4800 (tight means real tight!). Though its too immature to point out now but take a look at the chart below; Yes it does indeed look like a bullish Wolfe Wave trade setting up. That is why it warrants a small trade with a tight stop.
"Courage is being scared to death - but saddling up anyway."
John Wayne
Yup it’s scary to tell someone to go long here but then what the heck saddle up…Hiaaa!!!
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