Nifty (Revise the study on Wolfe Wave )

NIFTY AT A CRITICAL JUNCTURE

Nifty broke the trend line (ABC) on 21-03-2016  and successfully  closed abv the trend line    moreover up to 7728 spot levels. The movement looks Impulse in daily chart .  First I thought it will break 7516 before up towards 7728 levels.  But sometimes Market may treat that break as a False break-out or real break out .  In this scenario, it is highly difficult to break 7756 . We will come to a conclusion only after watching movements on Monday-Tuesday. Hence My target of 7227  is in danger.  Be cautious.

If failed to close abv  7756  spot once again in the next 2-3 days, then, expect a break of 7596-7552  spot levels but confirmation is needed.  I REPEAT 7516  SPOT.

 Confirmation points: 

1. Without any major retracements, the fall should be speedy with heavy Volumes. 

2. It should break all the below mentioned supports with force. 

3. Break of 7516 spot.

Hence use 7596  spot as the stop loss for all longs and Call options. If the speedy fall continues, hold your shorts. Without breaking 7596  spot, if starts to move very swiftly upwards we can think of an uptrend. Stop loss for Shorts/Puts : 7789 spot.