Nifty appears to be correcting in an ABC pattern (bigger pink wave). It has completed the A wave and is currently going up in the B wave. B wave is expected to first first take Nifty down to around 10500 and then up to around 10730 (or at the most 10850) where wave C is expected start. Wave C could take Nifty down to 10220 though this level would also depend on the level of correction in wave B. Stay tuned!
Note: It is just for my own reference and is not a trading advice.
Note: It is just for my own reference and is not a trading advice.
Comment:
NIFTY is moving in an ABC wave as expected. The B wave seems to be in progress currently and is likely to be completed around 10850 as expected. The C wave is likely to start from that level which is expected to take NIFTY down to 10350 if this wave count is correct. Note a change in the C level target due to a greater retracement in wave B.
Comment:
Note that is is possible that the ABC correction is already complete as shown below and NIFTY is moving up in new five waves, but I don't like this wave count due to two reasons:
- The smaller c wave is only 76% of the smaller a wave
- Big wave C is only 38% of the big wave A
What do you think?
- The smaller c wave is only 76% of the smaller a wave
- Big wave C is only 38% of the big wave A
What do you think?
