Nifty started falling after breaking the lower trendline in the daily chart. Considering the sharp fall, it seems Nifty should fall at least till the 38% retracement level in the first move down (wave A).
Nifty could be forming a flat pattern. If Nifty breaches the (b) wave lower trendline, then it could follow the path shown by the blue arrows.
(A break out from the upper trendline could you create other possibilities, one being as shown by the orange arrow).
Nifty seems to be in a corrective pattern. So there are many possibilities for its movements. It broke the LTL of the upmove today, so the corrective pattern shown by the arrows might be a possibility..
Nifty broke out out of the consolidation and has chosen to follow the orange path as shown in the previous update. This is also in line with the Nifty wave count posted earlier (links attached).
The wave (v) down now seems to be subdividing. We have the following wave relations: (ii) > 0.618*(i) and (iii) = 1.618*(i). Thus, 0.38*(iii) <= wave (iv) <= 0.5*(iii)...
As mentioned in the previous update, Nifty's rise would be slow and not worth trading in options. Now, Nifty can either follow the blue path or the orange path. It's hard to say if the correction is over. Any move below the low (of the past few weeks) would be bearish.
The SPX could be forming a flat or expanded flat pattern (as shown). Hence, it might go up for a few days before continuing its fall.
This is just a short-term forecast. The long term forecast remains the same as in the previous update (link attached).
MRF seems to have completed its correction and there is an opportunity to go long. The entry, SL and target (can be higher) are shown.
(This is a risky trade as MRF might make a new low before starting the up move. So if the loss is acceptable, then one can try this).
This shows the internals of the expanded flat, as detailed in one of the previous updates (link attached), that Nifty might be forming. This is a rather far-fetched view and the view is correct conditional on Nifty following each of the above arrow. At this stage, this seems to be the most likely future pattern.
As posted in the past couple of updates (links attached), Nifty reversed from the 161% FE after completing an Ending Diagonal pattern at the end of wave 3 (as shown in one of the links attached). Wave 4 target is atleast 11,246 and at most 11,356. This move could be slow and choppy and hence either one can long a future with SL of wave 3 low or just ignore this up...
Nifty reached the target as posted in the previous update (link attached). It seems to be forming an ending diagonal and might move up to retrace the previous wave down. A move above wave 4 would be a confirmation (or above the upper trendine). If it continues down then the short trade can be held.
Nifty is moving down as posted in the previous update (link attached) which also has the short term view. For the long term, it seems that this move could eventually go to 10,000 giving an expanded flat pattern or 10,300 in case of a truncation.
(There's a remote chance that this is the start of a bearish market, but that'll get validated later).
Continuing on the idea posted previously (link attached), Nifty has almost reached its first target of 11,390, which is an important support level. Now there are 2 possibilities:
1. It reverses and goes up (as shown by the orange arrow).
2. It gaps down and then fall all the way to the 100-161% Fib extension (11,192-10,783).
I feel the 2nd possibility is more...