As anticipated, Nifty completed its small correction and reversed to achieve its higher target, which could be around 8400 levels. The correction could be labeled wave (iv) and wave (v) has now started with an long entry placed at 7970, the crossing of weekly POC as per the following Market Profile chart with TTO. The buy signal generated by TTO ( zero crossover of the dotted line) is accompanied by price crossing the POC, thereby giving added confirmation.
An advanced trend reversal technique used in TTO can be used to confidently enter a long position as TTO starts indicating the impending trend reversal with trend oscillators crossover as can be seen in the following chart. The crossover 1,2 and 3 have already taken place which has resulted in more than 100 point jump in Nifty. Crossover 4 will result in Nifty touching new highs. Each subsequent crossover confirms the trend and new positions can be added.
