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Thanks to Cogito for reminding me that I forgot the chart
Hi everyone! A little Nifty party going on here and no one invited me--lol. I actually developed an interest in Nifty of late, because so many people on this site trade it, so I'll give you my input concerning it.
It was since the 6,000's that I have been saying the market will drop to at least the top of the weekly cloud at 5222. I knew the drop was going to be sharp. I did think it was unlikely there would be almost a straight line in the process.
One of 2 things is about ready to happen. The 4-hour chart is posted. Because of the OS condition on it, a corrective process could begin. It tried to do that in the last session with that huge spike. Once it again, it gave out and landed at the current level. If we do get a correction, it could end up back at the kijun, which is 5630, and represents a cluster event, just under 5665. The other scenario is to see a drop to 5359 (My WS1--weekly 1st support, which comes from my proprietary formula.), and then from there we will get at least a bounce
Regardless of the route it takes, I am still expecting the top of the weekly cloud to be hit, which coincides with my WS2, and from there should be a strong correction. That's the one that will have teeth on it. Remember that the ichimoku is dynamic, so there could be a slight change in the containment level by the time it gets there.
