This is second update to Nifty50 Swing Short I Posted couple of weeks ago.
Short is now considered a success with almost 2% move down from the entry, which falls in line with original analysis where we were waiting for break of wedges in USD/INR pair and Nifty50. and we have gotten that now.
Now there is a possibility that the USD/INR pair tests the wedge which can lead to bounce in Nifty which is also evident in Nifty chart with a reclaim of the white line at 18158. So, I suggest a TP here and moving Stop loss to entry or to slightly above the top at 18500 in case you want to hold it for longer term for swing scenario.
I have attached links to the original posts down below and DXY analysis which ties into breakout of the USD/INR pair. Please go through them to understand the context of the short.
Short is now considered a success with almost 2% move down from the entry, which falls in line with original analysis where we were waiting for break of wedges in USD/INR pair and Nifty50. and we have gotten that now.
Now there is a possibility that the USD/INR pair tests the wedge which can lead to bounce in Nifty which is also evident in Nifty chart with a reclaim of the white line at 18158. So, I suggest a TP here and moving Stop loss to entry or to slightly above the top at 18500 in case you want to hold it for longer term for swing scenario.
I have attached links to the original posts down below and DXY analysis which ties into breakout of the USD/INR pair. Please go through them to understand the context of the short.
