Nifty Future rallied to a day’s high of 10640 and closed 10572.25, below its critical support at 10605. The rally from its low of 10300 to 10640 is a 3-wave corrective move and retraces 38.2% of the wave3 that begun from 11139.4. The Wave2 retraced approximately 61.8% of Wave1 and the ongoing Wave4 has retraced 38.2% of Wave3 and met its alteration guidelines required as per Elliott wave principle.
I expect the wave5 action to start very soon and has the target of 10171.
The day trader can sell it below 10554 with a stop loss of 10577 for the target of 10456 and 10365 and buy it above 10577 with a stop loss of 10549 for the target of 10640 and 10695.
The positional trader can sell it below 10535 with a stop loss of 10641 for the target of 10172.
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