#Nifty || 8th June 2022 || Falcon Trader || Daily Analysis

7 jun 2022

We might get one day of sideways - fractal move to complete wave 4
Nifty target is set for 16230 levels - and if we get lucky we might even see 16100 levels.
After this there will be some relief rally to 16500 levels before we continue to go lower.

• Major trend is downwards
  
• Weakness continues
  
• 100-150 points upside in the morning followed by downward pressure will continue
  

Levels for reversal 16230 to16100 for major reversal from downside

Look at Falcon Wave count:

8 jun 2022

Nota

RBI rate hike by 50bps
This on our chart helped in forming wave 4 - and now moving towards wave 5, please remember wave 5 will not form in one candle, market goes down in zig zag fashion.

Focus on wave 5 (mentioned in white) and then move up in red for wave 2 as shown in the chart above.

8 jun 2022

Nota

Nifty50 moved as per analysis, wave 4 completed and downside continues towards wave 5. I have changed target to further downside.

Here is the new chart with new target: Looking at below 16200 levels. After this there will be some bounces higher.

8 jun 2022

Nota

Alternative count - if wave 3 has not finished (this is most likely case) and it can take price to 16100 (below) levels.

Expiry is tomorrow - so my trade will be bearish - and hope for gap down for tomorrow.