Using the concept of Elliot waves and NEO waves, considering the Fibonacci retracement and the trend channel, according to my analysis nifty will hit the levels around 10700, the last correction was nothing but a bear trap, i have already bought nifty calls for 10700CE while market was down.
Disclaimer- This is just an analysis please take advise of your advisor before buying or selling anything.
4th wave cannot go below the end of first wave. Consider the whole retracement (from 7500 bottom) as B wave as in ABC zigzag correction,with A getting completed at the bottom 7500. Hence your first wave could be (a of B). Second wave could be (b of B). Projecting a and b for the minimum 100% retracement of a, c of B (ie end of B) should be around 11200 minimum. Considering B ends there, we can easily project a downward C wave to a minimum of 100% of A, which will see Nifty at around 6300. Of course variation in this view can come as market unfolds, but defenitely we are going to see a bottom below A as the whole correction ABC seems to be a Zigzag correction.
Neeraj03
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1st wave can not smalll than wave 1.....
aryanvani
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@Neeraj03, please elaborate my mistake , i am a beginner i want to learn