Well, today's price action, totally took out my preferred Scenario 3 as posted in my yesterday's blog. However, today mid-market of Inverted HnS post was timely to point an upward target of 5140. Now, it seems US indices are in wave 2 action.
There is massive cup and handle structure possible on Nifty, which itself has a possiblility to take Nifty to 5505.
The structure marked on the chart is huge Cup and Handle Formation, provided market goes above the lip of cup of 5140. Now, this shall be more important as on today;s candle all 3 important Fibo EMA (5,13,34) shall give a positive crossover - provided that tomo is good follow-up bullish candle.
Based the above conditions, then market can have a target of 5508 for now.
Now, readers would say, that I was massively bearish yesterday and today I am super bullish. Well, the case now is I see a Cup and Handle strucure in making. I am still with my preferred Bearish wave count, which shall hold until top made at 5390 is not breached. Plus, there are major hurdles at 5200 - 5300 marking resistances at each 100 point rise. In case of new high made, I would be prompted to considered
Nifty EOD Chart:
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