Nifty Future, 3rd wave of wave3 decline gas achieved its minimum objective of 1.618 times of wave (iii)(i) appears to be incomplete with one more leg of decline remaining. This leg can take it to the target price of 10764 and 10714. If wave 3(3) decline is complete, expect a corrective 4th wave corrective upside retracement up to 11145 to 11175 region which may take few days to complete.
The positional traders should wait for this wave4 corrective rally to end for taking a position.
The Day traders can sell it below 10922 with a stop loss of 10968 for the target of 10835 and 10764 and can go long above 10971 with a stop loss of 10937 for the target of 11054 and 11087.
The day traders are adviced not to trade in the first 5 minutes from the open to avoid the freak trades due to initial volatility.
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