Nifty is constructing triple three (x,y,z) right now.
Price is about to accomplish sub-wave B of triple three.
Buyers should be ready to exit from their position before the price reaches the nearest lower high at 17639, which is wave (X) of the correction.
According to wave principle, if the price couldn't sustain above wave X, then the current trend is about to resume.
Currently, nifty's trend is bearish and, wave C can give a downward motion with the following targets: TP 1: 16909 TP 2: 16690 TP 3: 16449 TP 4: 16369
Note that price can make an excess at the upper band of the channel.
* Trade Setups (only for the safe traders): Traders can enter when the price rejects the wave (X). If the price breaks the (X) at 17639, it may be a fake-out. Traders can wait for the price to enter into the parallel channel.
Stop-loss can be the nearest high of the excess which will be out of the channel.
* Trade Setups (only for the Lion heart traders): Lion heart traders can enter in sell position when the price makes rejection of wave (X). After the price rejection, they can initiate a short position below 17600.
Stop-loss can be high of the new lower high. Stay in touch for the next update of this setup.
@forextidings at 186XX what have u marked 5 completed or 3? If 3 completed its in double zigzag now and last leg pending
metaldiva444
⋅
Ok first thing, the candle today fell short of the supply zone, so expect a quick and deep reversal. That's most probably the final correction of wave C you'll see in Nifty.
metaldiva444
⋅
@metaldiva444, guys watch out for 16955 tom, should bounce back from this level to proceed higher.