Hi All! Wed 18 Jan (tomorrow) was strong support for Nifty , it was Sun’s support to be frank, and Nifty through its sideways action and slightly upward bias is trying to avoid it. Thus the strong support will now become a resistance! And Nifty afterwards will go down for a longer duration and a deeper level than initially thought.
So the current short position, would need to be held with a lot of patience today and may be in the first half tomorrow. It will surely end in profits.
Those who will take long positions, will look like successful initially, but will be trapped eventually.
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Please read as : Wed 18 Jan (tomorrow) would have been a strong support instead as (tomorrow) was strong support
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Look guys, while it appears like typo to you, my meaning was --> As per earlier analysis, Wednesday was a support day, but now it is going to be a resistance day. there was no typo actually. :)
Well, this may come true, and I have mentioned this dates also in my last post.
The only concern is the wave 3 like behavior with gaps and bumps, doubting that the 3 is still on going.
Basty
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tomorrow "was" strong support ? please re read the entire thing
Good Morning....should we close short positions now.......?