Nifty wave counts from 15183

This is one of the rare case where a 3 wave move up has a C wave extension greater than the regular 1.382/1.618.
In super-extended moves, we have seen C Waves extend to 2.0 and even 2.618 of wave A.

What determines the future move is the speed of reversal post completion of Wave C/3.

Another supporting evidence for it being a wave C and not wave 3 is that the initial moves prior to wave C was a clean Wave A i.e. a 3 wave move contained withing parallel lines, whose subwaves tended to equality.

A bull case could be made that - no it was a 1-2-i-ii and not an a-b-c within Wave A, but generally in 1-2-i-ii, the lower degree 1 is shorter than the length of the higher degree 1. Here, both waves tended to equality. Hence an argument for it being a wave A is stronger.

Now we will have to see how price behaves at prior wave 4s of lower degree. Immediate supports are offered in the range of 17150-17450, which is the range of the Wave 4 of lower degree. A corrective rise from there will confirm that we are going further lower.

Will revisit this developing idea once we are at 17150-200.



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