movva.ramakrishna

NIfty:ABC Correction to resume ?

NSE:NIFTY   Nifty 50 Index
35 0 1
Since the X wave has been formed. Will ABC correction to resume. Global factors seem to favor the same.

Two aspects are not clear. The X wave should be a 3 wave formation - is that completed ? it can be ascertained only once the Nifty             opens today. Secondly was the first correction only for the extension of the 3rd wave and this correction is for the whole wave in which case it will be deeper than 8050
Trade active: Sold at future 6169 and Closed for 6114. Waiting for retrace to 6160 which can be sold into. The A wave is still not over.
Order cancelled: Wave Count for Wave A is not properly fitting and there seem to be only 3 waves properly formed. This means the Trade is in danger of being reversed. Tomorrow's morning session needs to be watched to check if the market is ready to break below 8074 otherwise the correction may be sideways only and therefore the bets are off on this trade.
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