How To Make A Killing With Nifty Futures This August

The NSE Nifty 50 has opened up an opportunity to make a killing this August. Here is how. After having scaled new lifetime highs, the index has reversed its direction. Let us refer to the chart below and take a deep look.


Take a look at the bar ended on 8th August 2017 (refer to the white arrow). It has closed below the trend line shown in orange which is practically a 1 - 3 - 5 trend line of a Wolfe Wave pattern. Having closed below this line establishes a resistance and going further, we find a second confirmation of the bearish trend.

The next bar ended on 9th August 2017 (refer to the yellow arrow), closed below the Camarilla support at 9919. This bar sealed the trend and has offered a short selling opportunity in the market.

Looking forward, we need to establish probable targets for this trend. 9473 is the next Camarilla support level which is also where the 1 - 4 target line (yellow diagonal line of the Wolfe Wave pattern) converges. For now, we will take this as our target for the Nifty50 index. A good trading opportunity is here. Grab your Puts or sell Nifty futures and ride the slide!

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