Assuming that wave 5 = wave 1, by time/value projection of wave 1 in wave 5, Nifty seems to be headed to ~12100 levels around last week of September, after which it will get into corrective mode. There are chances that it might briefly breach 12100, but should eventually fall. The fall might be major and sharp and expected to be till 10500 (Wolfe wave target). In case it breaches/falls short of 12100, we should wait for confirmation of ending of wave 5 before taking short positions (this would mean wave 5 = wave 1 assumption does not hold true).
PS: Minor corrections are expected to happen before but shouldn't be shorted into without confirmation of trend reversal.
In case it breaches/falls short of 12100, we should wait for confirmation of ending of wave 5 before taking short positions
What kind of confirmations??
and any possibility of Nifty going till 12500-13000 and not falling below 11000-11500 ?
CryptTrader249
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@sumeetlunia, There can be many confirmations, simplest could be a fall below 20 SMA. Yes Nifty can continue onwards journey if wave 5 turns out to be longer, but the red resistance line shown above should be watched carefully.
What kind of confirmations??
and any possibility of Nifty going till 12500-13000 and not falling below 11000-11500 ?